07192019Fri
Last updateFri, 19 Jul 2019 2pm

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Valve Manufacturing

Crane Co. Attempting to Acquire CIRCOR

Crane Co. has submitted a proposal to the Board of Directors of CIRCOR International, Inc. to acquire CIRCOR for $45 per share in cash. The proposal represents a 47% premium over Monday’s closing price and a 37% and 51% premium over a three- and six-month volume weighted average share price, respectively. This reflects an enterprise value of approximately $1.7 billion at a multiple of approximately 13.5x the last 12-month adjusted EBITDA.

Crane Co. proposed the all-cash transaction to CIRCOR’s President and CEO Scott Buckhout on April 30, 2019, the terms of which were confirmed by a letter to the CIRCOR Board of Directors. On May 13, the CIRCOR Board summarily rejected Crane Co.’s proposal with no offer of discussions or due diligence.

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