CR - Crane Co.

NYSE - NYSE Delayed Price. Currency in USD
+1.88 (+2.25%)
At close: 4:02PM EDT
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Previous Close83.53
Bid85.64 x 1200
Ask89.89 x 1000
Day's Range83.61 - 86.06
52 Week Range67.18 - 100.14
Avg. Volume304,885
Market Cap5.115B
Beta (3Y Monthly)1.52
PE Ratio (TTM)14.91
EPS (TTM)5.73
Earnings DateJul 22, 2019
Forward Dividend & Yield1.56 (1.87%)
Ex-Dividend Date2019-05-30
1y Target Est104.29
Trade prices are not sourced from all markets
  • Bloomberg20 hours ago

    Crane Gets Two-Thirds of Circor Shares But Offer Still Failed

    (Bloomberg) -- About two-thirds of Circor International Inc. shares were elected to be tendered to Crane Co. before the $48 a share offer expired late Friday, people familiar with the matter said, the latest twist in Crane’s hostile pursuit of its rival industrial company.Even though a majority of Circor shareholders tendered their shares, the offer failed because it didn’t meet certain conditions, the people said Saturday. One of the conditions included Circor entering into a merger agreement with Crane. The shares will be returned to Circor investors.The latest development may add pressure on Circor’s board to engage with its rival on a deal.The news came after Gamco Investors Inc., the largest investor in Circor with 14.4%, said it would tender its shares to Crane on Friday. Gamco, the investment company led by Mario Gabelli, is also a shareholder in Crane.Crane is planning to announce the tender results as early as Monday, said the people, who asked not to be identified because the matter is confidential.Crane declined to comment on the tender results and Circor couldn’t immediately be reached.Earlier this month, Crane raised an initial offer by about 6.7% to $48 a share, valuing Circor at $955 million. Circor rejected that bid, saying it “substantially undervalues the company and is low-value, highly conditional and opportunistic.”Even if Circor shareholders are supportive of a deal, the likelihood of one is uncertain given Crane has said it wouldn’t raise its bid beyond $48 a share, and that offer has now lapsed.Stamford, Connecticut-based Crane is seeking to buy Circor to create a larger and more diversified industrial-products company. Burlington, Massachusetts-based Circor has revenue exceeding $1 billion, and specializes in valves and fluid-control systems. Crane also makes valves but has a broader portfolio, with its reach extending into vending machines and airplane brakes. It generates three times more in sales than Circor.Crane’s largest customers by revenue include Boeing Co. and Airbus SE, while Circor’s include Lockheed Martin Corp. and Exxon Mobil Corp.To contact the reporter on this story: Liana Baker in New York at lbaker75@bloomberg.netTo contact the editors responsible for this story: Daniel Hauck at, Linus Chua, Virginia Van NattaFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • CSX Leads Industrial Earnings Off the Rails
    Bloomberg2 days ago

    CSX Leads Industrial Earnings Off the Rails

    (Bloomberg Opinion) -- To get Brooke Sutherland’s newsletter delivered directly to your inbox, sign up here.It’s going to be unbearably hot across much of the U.S. this weekend, but the early returns on industrial earnings have been decidedly cool. A nearly 30% run in CSX Corp. shares heading into its second-quarter earnings report suggested this was a company where investors thought they could find shelter amid a growing body of worrisome manufacturing data. They were wrong. The shares slumped more than 10% the day after CSX reversed a forecast for low single-digit growth in revenue this year and predicted instead that revenue would dip as much as 2%. The East Coast railroad says it’s being cautious, but the time for conservatism is when you start the guidance-giving process, so that strikes me as an inadequate explanation for such a deep cut. CEO James Foote said the macroeconomic backdrop was one of the most “puzzling” he’s ever experienced and that there are no concrete signs of improvement in weak coal, intermodal and industrial volumes.Elsewhere in transportation, J.B. Hunt Transport Services Inc. and West Coast railroad Union Pacific Corp. actually saw their shares pop on earnings, but that seems to be a case of more realistic expectations than a drastically more positive view of the macroeconomic environment. J.B. Hunt was essentially flat going into earnings, for example, and Union Pacific had sold off in sympathy with CSX before it reported. Union Pacific said it expects second-half volume to be down about 2%, which implies a decline for the full year compared with an earlier call for a low-single digit gain – basically mimicking CSX’s move. The other challenge with CSX is that it appears to be far enough along in its conversion to precision-scheduled railroading that there isn’t as much fat left to cut as there is at Union Pacific. But it’s track record of improved performance is still relatively short, capping its ability to make market share gains amid a surplus of capacity and lower spot rates in the trucking market. Bloomberg News’s Cameron Crise points out the sharp divergence in the performance of S&P 500 railroads and FedEx Corp. over the past, calling it a proxy of sorts for the trade war-inspired slowdown that’s hit companies with international exposure like FedEx harder than those focused on the domestic market. If U.S. railroad stocks fail to recover from the CSX-inspired selloff and the gap to FedEx narrows, that could be a sign that the domestic economy and the bull market are running out of steam, he writes. FedEx, of course, has plenty of idiosyncratic issues holding back its stock. The company’s annual report filed this week included interesting disclosures abut the risk of an activist shareholder getting involved and some additional detail on the logistics investments that could render Inc. a competitor. Things were a bit better at the multi-industrial companies, but there was still cause for concern. Textron Inc. said its aviation backlog slipped by $100 million in the second quarter as macroeconomic concerns and President Donald Trump’s threat to impose wide-ranging tariffs on Mexico spooked business-jet customers. That’s counteracted by Honeywell International Inc.’s report of double-digit sales growth for new business jet equipment, but still a troubling sign of just how nervous people are about making big investments. You can usually count on Honeywell to churn out an earnings beat, and the company didn’t disappoint, raising its profit guidance for the full year. But the outlook wasn’t as robust as some analysts were expecting. Organic sales growth of 5% could end up being the pace to beat this quarter, but that was weaker than anticipated and a forecast for 2% to 4% growth in the third quarter would suggest an accelerating slowdown. The dynamic of somewhat disappointing sales numbers but steady earnings growth in some ways reinforces Honeywell’s argument that last year’s breakups and a pristine balance sheet will make it more resilient in a downturn, but I remain unconvinced that margins for anything except funeral homes are recession-proof. It helped Honeywell that the sales weakness was mostly confined to its safety and productivity solutions unit, the smallest of its four main businesses, and aerospace remained impressively robust with 11% organic sales growth. The industrial companies on tap to report earnings next week may not be so lucky, particularly 3M Co., which seems destined for yet another guidance cut to reflect the deepening slowdown.ALL BOEING WANTS FOR CHRISTMAS IS A FLYABLE MAXBoeing Co. this week pre-announced a $4.9 billion after-tax second-quarter charge to reflect its estimate of compensation owed to airlines grappling with a grounding of the beleaguered 737 Max that’s now entering its fifth month. American Airlines Group Inc., Southwest Airlines Co. and United Airlines Holdings Inc. this week pulled the Max from their schedules through the beginning of November – a timeline that jibes with Boeing’s call for the plane to return to service during the fourth quarter. But the risk remains that the grounding stretches into 2020. The Federal Aviation Administration, mindful of restoring its reputation as the global standard-bearer of safety protocol, is keen to coordinate a return to service with European and Asian regulators. And while a fix for the flight-software system linked to the Max’s two fatal crashes has essentially been completed, there remain hurdles to remedying a separate issue with a microprocessor that was identified in June, including convincing the FAA that a software update is sufficient, according to the Wall Street Journal. Even if Boeing can get the plane recertified and flying again by the fourth quarter, it matters a great deal which particular month that happens. Airlines estimate it will take a month to 45 days to complete the maintenance necessary to bring the Max jets they already operate out of storage, which is to say nothing of the additional planes they had been expecting to support busy schedules. I would imagine airlines’ demands for compensation would rise materially if they are forced to scramble and reassess capacity for holiday flights. Ryanair Holdings Plc said this week it’s prudently planning for a December return of the Max, but pared its growth plans for the 2020 summer travel season. It can only accept six to eight new Max planes per month, which will leave the budget airline with about half of the fleet it had been planning on for that peak season. Data points like that make me highly skeptical of Boeing’s aspirations to ramp up to a 57-per-month production pace for the 737 program in 2020.A WORD ON WAREHOUSESThere has been a surge of spending over the past few years on industrial warehouse assets. The latest deal came this week , when Prologis Inc. agreed to buy Industrial Property Trust and its 236 properties in areas such as the San Francisco Bay Area, Chicago and New Jersey for about $4 billion. This follows Prologis’s acquisition of DCT Industrial Trust Inc. last year for more than $8 billion and its pursuit earlier this year of GLP Pte’s U.S. warehouse assets, which ultimately went to Blackstone Group LP instead for $18.7 billion. Meanwhile, Tom Barrack’s Colony Capital Inc. is exploring a sale of its unit that owns warehouses as part of a strategic review meant to resuscitate its plunging market value, according to Bloomberg News. I understand the logic of these deals: Retailers are under immense pressure to build out their e-commerce capabilities and shorten their delivery times and on the face of it, that trend looks less vulnerable to the trade war and macroeconomic uncertainties than many others. Even so, it gives me pause to hear Honeywell say customers for its Intelligrated warehouse-automation business are pushing major system rollouts into the second half of the year. Intelligrated is still growing rapidly, with organic sales growth of more than 20% for the first half of 2019, and Honeywell CEO Darius Adamczyk said he knew for a fact that the delayed orders hadn’t gone away. But going back to my earlier comment about funeral homes, I’m getting less confident that even this trend can withstand the test of a true downturn. I asked Bloomberg Opinion's retail expert Sarah Halzack what she thought. She pointed out that companies like Walmart Inc. and Williams-Sonoma Inc. are too far along in converting their businesses to e-commerce to back out, whereas those who are already struggling such as J.C. Penney Co. will find it harder to justify making those kinds of investments.DEALS, ACTIVISTS AND CORPORATE GOVERNANCEJohn Flannery has resurfaced. The former CEO of General Electric Co. will now be an advisory director to Charlesbank Capital Partners, a middle-market private equity firm managing more than $5 billion of capital. I’ve always felt a bit bad for Flannery, who spent 30 years working his way up the ladder at GE and finally ascended to the CEO post, only to find out that his actual job was going to be more akin to a garbage man. Sure, he made his share of mistakes as CEO. But the reality is he was probably never going to last in that job no matter what he did. GE needed one CEO to publicize and unearth the skeletons in its closet ($22 billion goodwill writedown on the disastrous Alstom SA deal, $15 billion reserve shortfall in the long-term care insurance business) and another CEO to try to fix the mess. That’s now Larry Culp. Still, it has to sting a bit that Steve Bolze, Flannery’s competitor in the race to succeed Jeff Immelt, is a senior managing director at Blackstone, a slightly more prominent firm than Charlesbank. Bolze is blamed by many investors for mismanaging GE’s power unit and exacerbating the financial pain from a slump in gas turbine demand.Crane Co.’s bid for Circor International Inc. got a last minute surge of support. Mario Gabelli’s Gamco Investors Inc. agreed to tender shares to Crane after the buyer raised its price to $48 a share earlier this month. Roughly 45% of outstanding Circor shares have been elected to be tendered, people familiar with the matter told Bloomberg News. That’s not enough to force a merger (although there are still a few more hours before the tender offer expires at midnight), but it should be enough to get the attention of Circor’s board’s. In the wake of the Crane offer, Circor laid out a bold (and by nature, rather fluffy) plan to boost margins and lower debt. Shareholders are now signaling quite loudly that they don’t have much faith in the company’s ability to follow through. It’s pretty remarkable to see this level of pushback outside of an annual meeting, though. I had worried Crane’s bid might have been the victim of bad timing, with its offer becoming public a few weeks after Circor’s 2019 meeting. The fact that Circor’s board had privately received the Crane offer prior to the meeting and didn’t feel a need to tell investors about it has been one of Gabelli’s chief criticisms. This level of support from Circor shareholders may save Crane from having to wait a year to relaunch its bid with a proxy fight.Osram Licht AG, the lighting maker that’s agreed to sell itself to Bain Capital and Carlyle Group LP, disclosed this week that Austrian industrial manufacturer AMS AG had made a fresh offer for the company at a higher price. Bain and Carlyle are offering 35 euros per share, or 3.4 billion euros ($3.8 billion), while AMS had proposed to pay 38.50 euros per share, or about 3.7 billion euros. The problem is, AMS itself is valued at less than what it offered for Osram; it’s had negative free cash flow for at least the past two years; and it’s already carrying about 1.2 billion euros of net debt. Osram agreed to let AMS perform due diligence, but said the probability of a deal materializing was “rather low.” Literally the same day that its latest offer was disclosed, AMS said it was walking away. In some ways that’s actually kind of surprising – why wouldn’t you take the opportunity to do due diligence? But anyway, this amusing M&A adventure has now come to an end.Callon Petroleum Co. agreed to buy Carrizo Oil & Gas Inc. in an all-stock transaction valued at $3.2 billion including debt. Bernstein analyst Bob Brackett called it a “pretty lame deal all-in-all”, while my Bloomberg Opinion colleague Liam Denning said the merger sounds a “distinct sad-trombone note.” Carrizo helps Callon double down on the Delaware Basin with contiguous acreage and lets it add free cash flow on the cheap, but it also dilutes its status as a pure-play operator by adding acreage the Eagle Ford region, where it may be harder to find cost savings. Some investors may have viewed Callon as a target and are disappointed to see it on the other end of a deal. The consolidation of shale players is healthy and necessary, Liam writes. But the fact that Carrizo has chosen to sell at a modest premium when its stock was trading at the lowest levels in a decade is pretty telling, too.CRH Plc agreed to sell its European plumbing and heating-distribution business to Blackstone for 1.64 billion euros ($1.9 billion). CEO Albert Manifold has been trying to steer the company toward higher growth markets including cement and raise money for acquisitions. This deal helps it do both. Davy analyst Robert Gardiner says the purchase price is attractive at about 16 times earnings before interest and taxes.BONUS READING Saturday Will Be Hot. Oil and Gas Will Be Not: Liam Denning Axalta Is Said to Draw Interest From Kansai Paint and PPG Ex-Cons Find Second Chances Easier to Get in Tight Labor MarketThe Moon Is the Next Frontier in Rivalry Between China and U.S. Porch Pirates Spot Criminal Opening in Amazon Prime Day BonanzaTo contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at©2019 Bloomberg L.P.

  • Business Wire3 days ago

    GAMCO Announces Plan to Tender CIRCOR Shares

    GAMCO Investors, Inc. , announced today that certain of its affiliates are participating in Crane Co.’s revised tender offer to acquire all of the outstanding shares of CIRCOR International, Inc.’s common stock for $48.00 per share in cash.

  • Crane (CR) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
    Zacks6 days ago

    Crane (CR) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

    Crane (CR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • MarketWatch6 days ago

    Circor's stock tumbles after Crane threatens to end buyout bid

    Shares of Circor International Inc. tumbled 14% in premarket trading Monday, after Crane Co. said it will end efforts to buy the engineered products maker unless Circor makes "substantive engagement" this week. Crane said it will not extend its tender offer for Circor shares, which is scheduled to expire at midnight Eastern on July 19. Crane had raised its buyout bid for Circor last week to $48 a share from $45 a share, and Circor rejected it, saying it "substantially undervalues" the company. Circor's stock has rallied 17.3% over the past three months through Friday, while Crane shares have slipped 4.8% and the Dow Jones Industrial Average has gained 3.6%.

  • Business Wire6 days ago

    Crane Co. Will Not Extend Its Offer to Acquire CIRCOR International

    Due to failure of CIRCOR Board to engage in any discussions on behalf of CIRCOR shareholders, Crane Co. is ceasing its efforts to acquire CIRCOR and will not extend its $48 per share tender offer scheduled to expire on July 19, 2019. Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, today announced that absent substantive engagement this week, it will cease its efforts to acquire CIRCOR and will not extend its tender offer, amended on July 8, 2019, to acquire all outstanding shares of CIRCOR for $48 per share. The tender offer is scheduled to expire at Midnight, New York City Time, on July 19, 2019.

  • What does Crane Co.'s (NYSE:CR) Balance Sheet Tell Us About Its Future?
    Simply Wall St.9 days ago

    What does Crane Co.'s (NYSE:CR) Balance Sheet Tell Us About Its Future?

    Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as Crane Co. (NYSE:CR...

  • MarketWatch10 days ago

    Circor rejects Crane's raised buyout bid

    Circor International Inc. said Thursday its board has unanimously decided to reject the latest buyout bid by Crane Co. , saying it "substantially undervalues the company and is low-value, highly conditional and opportunistic." Earlier this week, Crane had raised its cash buyout bid for Circor to $48 a share, which would imply a market capitalization of $955.2 million, from $45 a share. Circor's stock has more than doubled (up 113.2%) year to date, while Crane shares have advanced 12.9% and the S&P 500 has gained 19.4%.

  • Carlisle Acquires Ecco Finishing, Strengthens CFT Segment
    Zacks11 days ago

    Carlisle Acquires Ecco Finishing, Strengthens CFT Segment

    Carlisle's (CSL) buyout of Ecco Finishing is expected to expand CFT's portfolio of adhesives and sealants application equipment.

  • ITT's Matrix Composites Buyout Expands Aerospace Business
    Zacks12 days ago

    ITT's Matrix Composites Buyout Expands Aerospace Business

    ITT's Matrix Composites buyout will help it solidify the aerospace business of its Connect and Control Technologies segment.

  • MarketWatch13 days ago

    Crane raises cash buyout bid for Circor by nearly 7%

    Crane Co. said Monday it has raised its cash buyout bid for flow control technology company Circor International Inc. by 6.7% to $48 a share from $45 a share. The new bid is 4.2% above Friday's stock closing price of $46.07. Circor had rejected the previous buyout bid, calling it "highly unrealistic." Circor responded by saying it will "carefully review and evaluate" the revised bid. Circor's stock has more than doubled (up 116%) year to date through Friday, while Crane shares have rallied 17% and the S&P 500 has gained 19%.

  • Business Wire13 days ago

    Crane Co. Increases All-Cash Purchase Price to Acquire CIRCOR to $48 per Share

    Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, today announced that the Company has increased the price to be paid in its tender offer (“the Offer”) to purchase all outstanding shares of CIRCOR International, Inc. (CIR) (“CIRCOR”) to $48 per share in cash. Crane Co. also extended the Offer and withdrawal rights until midnight, New York City time, on July 19, 2019. The terms and conditions of the Offer, prior to the amendment described in this release, were set forth in the Company’s “Offer to Purchase” dated as of June 17, 2019 and “Letter of Transmittal” dated as of June 17, 2019, each as amended, and the other related materials that the Company distributed to stockholders, which were filed with the Securities and Exchange Commission (“SEC”) as exhibits to the Company’s Schedule TO.

  • Here's Why Investors Should Bet on Carlisle (CSL) Stock Now
    Zacks16 days ago

    Here's Why Investors Should Bet on Carlisle (CSL) Stock Now

    Carlisle (CSL) is likely to benefit from its strong foothold in non-residential construction market and strength in aerospace and defense markets.

  • Macquarie (MIC) Displays Bright Prospects, Risks Persist
    Zacks20 days ago

    Macquarie (MIC) Displays Bright Prospects, Risks Persist

    Strong flight activity, new project wins involving construction of additional capacity and related infrastructure work are expected to benefit Macquarie (MIC). High debt level is a concern.

  • Business Wire23 days ago

    Crane Co. Announces Date for Second Quarter 2019 Earnings Release and Teleconference

    Crane Co. announces the following schedule and teleconference information for its second quarter 2019 earnings release:

  • Danaher (DHR) Names New Dental Company Envista Holdings
    Zacks24 days ago

    Danaher (DHR) Names New Dental Company Envista Holdings

    Danaher (DHR) plans to create a separate dental company Envista, which will be listed on the New York Stock Exchange, and is likely to employ 12,000 people globally.

  • MarketWatch26 days ago

    Crane refutes claims made by Circor in rejecting its bid

    Crane Co. said claims made by flow control technology company Circor International Inc. regarding its $45-a-share offer for the company are "highly unrealistic" and show why its all-cash offer is the best option for Circor's shareholders. Crane, a diversified manufacturer of engineered industrial products, was responding to Circor's rejection of its offer on Monday, when Circor said the offer substantially undervalues the company. "CIRCOR's short-term plan, while expected, is yet another set of empty promises," Crane Chief Executive Max Mitchell said in a statement. In May, Crane said it would pay $45 for each Circor share outstanding, which at the time represented a 47% premium. The deal was being valued at $1.7 billion. Then on June 17, Crane said it commenced a tender offer for Circor shares. Neither stock was active premarket. Circor shares have gained 115% in 2019, while the S&P 500 has gained 17.5%.

  • Business Wire26 days ago

    Crane Co. Refutes CIRCOR’s Unrealistic Plan; Urges Shareholders to Tender their Shares and Demand the CIRCOR Board of Directors Engage with Crane Co.

    Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, today filed a detailed response to CIRCOR International, Inc.’s (CIR) (“CIRCOR”) revised business plan. Crane Co.’s analysis underscores its belief that CIRCOR’s claims are highly unrealistic and illustrates why its superior, all-cash offer of $45 per share represents the best option for CIRCOR shareholders. Max Mitchell, Crane Co. President and Chief Executive Officer commented, “CIRCOR’s short-term plan, while expected, is yet another set of empty promises.

  • Here's Why Investing in Federal Signal (FSS) Now Makes Sense
    Zacks27 days ago

    Here's Why Investing in Federal Signal (FSS) Now Makes Sense

    Federal Signal's (FSS) solid product portfolio and strategic acquisitions pose it well for growth.

  • MarketWatch27 days ago

    Circor rejects Crane's buyout deal valued at $1.7 billion

    Circor International Inc. said Monday it has rejected the unsolicited buyout bid from Crane Co. given that it "substantially undervalues" the flow control technology company, and strongly urges shareholders not to tender shares into Crane's offer. In May, Crane said it would pay $45 for each Circor share outstanding, which at the time represented a 47% premium. The deal was being valued at $1.7 billion. Then on June 17, Crane said it commenced a tender offer for Circor shares. Circor said its plan to accelerate earnings growth, reduce debt and add "significant near-term value" for shareholders would be "far in excess" to Crane's buyout bid. Circor's stock, which was still inactive in premarket trading, has gained 15% over the past 12 months, while Crane shares have slipped 0.3% and the S&P 500 has advanced 7.1%.

  • Here's Why Investing in Honeywell (HON) Now Makes Sense
    Zackslast month

    Here's Why Investing in Honeywell (HON) Now Makes Sense

    Strong demand for sensors, guidance systems, commercial fire and security products, along with its portfolio transformation strategy is likely to drive Honeywell's (HON) revenues.

  • Reuterslast month

    UPDATE 1-Crane says continues to prefer "negotiated transaction" with Circor's board

    U.S. industrial manufacturer Crane Co on Monday said it continues to prefer a "negotiated transaction" with Circor International Inc's board, weeks after making a $894 million hostile bid for the smaller rival. Earlier this month, Crane said it was willing to adjust its $45 per share offer for Circor if its board was willing to engage in talks. On Monday, Crane began a tender offer for all outstanding shares of Circor and called on Circor shareholders to act on the opportunity.

  • Reuterslast month

    Crane goes hostile with $894 mln buyout offer for Circor

    U.S. industrial manufacturer Crane Co on Monday began a tender offer for all outstanding shares of smaller rival Circor International Inc at $45 per share, after its buyout offer was rejected by Circor's board. Crane, which makes pumps and valves, said it continues to prefer a negotiated transaction with Circor's board of directors. Crane Chief Executive Officer Max Mitchell said the tender offer provides shareholders the opportunity to send a clear message to the Circor Board.

  • MarketWatchlast month

    Crane commences tender offer for Circor shares for $45 in cash

    Industrial products maker Crane Co. said Monday it has commenced a tender offer to acquire all outstanding shares of Circor International Inc. , a technology products and sub-systems company, for $45 per share in cash or about $1.7 billion. The offer is scheduled to expire at 5.00 p.m. ET on July 16, unless it is extended. The move comes after an initial proposal was made in April and rejected by Circor in May. "We are commencing this cash tender offer to provide CIRCOR shareholders a mechanism to show their support for our offer by tendering their shares," Crane Chief Executive Max Mitchell said in a statement. "We call on CIRCOR shareholders to act now on this opportunity and we call on the CIRCOR Board to honor its fiduciary responsibilities and allow the shareholders it represents to receive the highly attractive premium we are offering." The $45 price is equal to a 47% premium over the undisturbed market close on May 20, before Crane went public with the deal. Circor shares were not active premarket, but have gained 110% in 2019, while the S&P 500 has gained 15%.