Lone Star weighs offer for SPX Flow

According to Bloomberg, Lone Star Funds is considering a bid for industrial pump and valve maker SPX Flow, according to people with knowledge of the matter.
The Dallas-based firm is preparing to submit a bid this month for SPX Flow, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Other bidders could emerge, they added. SPX Flow is currently running a strategic review of the company, working with Morgan Stanley, after rejecting in July a $3.59 billion takeover bid by Ingersoll Rand.
Lone Star hasn’t made a final decision on bidding for the Charlotte, North Carolina-based company and its plans could change, the people said. Ingersoll Rand said in a Sept. 1 statement that it wouldn’t participate in the bidding.
Representatives for SPX Flow, Lone Star and Morgan Stanley declined to comment.