Circor board of directors unanimously rejects Crane’s revised unsolicited tender offer

Circor International yesterday announced that its Board of Directors, after careful consideration and with the advice of its independent financial and legal advisors, unanimously rejected the revised unsolicited tender offer from Crane, as it substantially undervalues the company and is low-value, highly conditional and opportunistic. The Circor Board unanimously recommends that Circor shareholders not tender their shares into Crane’s revised offer.
The basis for the Board’s recommendation with respect to the revised offer is set forth in Circor’s amended Solicitation/Recommendation Statement on Schedule 14D-9 filed today with the Securities and Exchange Commission (“SEC”). The Board considered numerous reasons and determined that the execution of the company’s strategic plan will deliver significantly greater value in the near- and long-term for the company’s shareholders.
“After consulting with our financial and legal advisors, it is clear that Crane’s revised unsolicited tender offer substantially undervalues Circor and our go-forward plan for the business,” said David F. Dietz, Chairman of the Board. “The Circor Board and management team are focused on executing our strategy so we can deliver enhanced value to our shareholders and build a stronger, more resilient business with an improved growth and margin profile. We are confident that our plan will create greater value for our shareholders that is well in excess of Crane’s offer.”