80.61 0.00 (0.00%)
After hours: 4:25PM EDT
|Bid||80.60 x 1000|
|Ask||80.69 x 1100|
|Day's Range||80.33 - 81.18|
|52 Week Range||67.18 - 100.14|
|Beta (3Y Monthly)||1.56|
|PE Ratio (TTM)||14.07|
|Earnings Date||Jul 22, 2019 - Jul 26, 2019|
|Forward Dividend & Yield||1.56 (1.93%)|
|1y Target Est||104.14|
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%.
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.
(Bloomberg) -- Crane Co. is ramping up pressure on rival Circor International Inc. by taking its $45-a-share takeover offer directly to the industrial product manufacturer’s shareholders.Crane has commenced an unsolicited, all-cash tender offer for the flow control equipment maker’s outstanding shares, Circor said in a statement Monday, confirming an earlier Bloomberg News report."The Circor board of directors will carefully review and evaluate Crane’s tender offer to determine the course of action that it believes is in the best interests of Circor and its shareholders," the company said. The board intends to make a recommendation to shareholders on the offer within 10 business days.The tender offer, which would crystallize Crane’s unrequited overtures into a formal hostile takeover proposal, is aimed at forcing Circor’s management to the negotiating table to avoid facing the prospect of a shareholder referendum on the deal."This cash tender offer provides Circor shareholders the opportunity to send a clear message to the Circor board," Crane Chief Executive Officer Max Mitchell said in a statement Monday. "Circor shareholders have endured five years of underperformance and a series of value-destroying capital allocation decisions by current management."The offer represents about a 50% premium above Circor’s share price on May 20, the day before Bloomberg first reported Crane’s interest in acquiring it. Circor rose less than 1 percent to $45.02 at 12:55 p.m. in New York on Monday, valuing the Burlington, Massachusetts-based company at $896 million. Crane’s largest customers by revenue include Boeing Co. and Airbus SE, while Circor’s include Lockheed Martin Corp. and Exxon Mobil Corp.The push comes almost two weeks after Mitchell criticized Circor’s board for refusing to engage in merger talks despite a series of offers to do so. In a letter dated June 4, Mitchell said Circor’s board had “provided no significant rationale for its rejection,” calling it a “disservice to Circor shareholders.”In the same letter, Mitchell said Crane was willing to improve the terms of its $45-a-share offer should Circor decide to engage.Mario Gabelli, chairman of Gamco Investors Inc., which owns 15.2% of Circor’s stock and is the largest investor, has also criticized the board’s failure to engage with Stamford, Connecticut-based Crane.In an interview last month, Gabelli said “there is no way you could talk about this as proper governance.”(Updates with comment from Crane CEO in fifth paragraph.)To contact the reporter on this story: Ed Hammond in New York at email@example.comTo contact the editors responsible for this story: Elizabeth Fournier at firstname.lastname@example.org, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
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.
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%.
Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, today commenced a cash tender offer to acquire all of the outstanding shares of CIRCOR International, Inc. (CIR) (“CIRCOR”) for $45 per share, a 47% premium over the undisturbed market close on May 20, 2019, prior to Crane making its proposal to acquire CIRCOR public. The offer represents 31% and 51% premiums over the three- and six-month undisturbed volume weighted average share prices, respectively.
The Chicago-based jet maker said that more than 90 percent of Boeing’s T-X will be made with parts and components in America, supporting more than 17,000 jobs in 34 states.
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U.S. industrial manufacturer Crane Co said on Tuesday it was willing to adjust its $894 million offer for smaller rival Circor International Inc if its board was willing to engage in talks. Crane, which makes pumps and valves, made a hostile takeover bid for Circor in May after an earlier offer was rejected by Circor.
STAMFORD, Conn.-- -- Crane Co. remains firmly committed to pursuing its proposal to acquire CIRCOR CIRCOR shareholders have expressed strong support for engagement and frustration with status quo following Crane’s May 21, 2019 Investor Call Proposal presents a compelling opportunity for CIRCOR shareholders to realize immediate and certain value Willing to adjust proposal if CIRCOR Board engages and ...
Crane (CR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
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This rating action follows the announcement that Crane has launched a hostile take-over bid to acquire CIRCOR International, Inc. (B2, Stable) ("CIRCOR") in a transaction that would be valued at more than $1.7 billion. The review for downgrade reflects the uncertainty regarding timing, transaction execution, price, integration risks and financial leverage resulting from the proposed acquisition of CICOR. The review process will focus on Crane's financial profile, ability to deleverage following the proposed acquisition and potential synergies.
The department store operator's first quarter results and its profit forecast for the year fell short of forecasts. The drug developer is suing the U.S. government over a Medicaid drug rebate decision for its Acthar Gel. Crane Co. is offering to buy the industrial pumps and valves maker for about $895 million in cash.
Shares of Circor International Inc. rocketed 43% in afternoon trade Tuesday, putting them on track for their biggest-ever one-day gain, after industrial products maker Crane Co. said it proposed buying the technology products and sub-systems company in deal valued at $1.7 billion. Under terms of the proposal, Crane would pay $45 a share in cash for each Circor share outstanding, a 47% premium to Monday's closing price of $30.66. Crane said the proposal was made on April 30, and Circor rejected the bid on May 13. "While we had hoped to complete a transaction privately, the Board's rejection of our proposal without comment or discussion led to our decision to make our proposal known to Circor shareholders so they can express their views directly to the Circor Board," said Crane Chief Executive Max Mitchell. "We believe that this business, which has great brands and products, has been meaningfully undermanaged for years." Circor responded to Crane's disclosure, saying it rejected Crane's proposal because it determined the proposal was "highly opportunistic, substantially undervalued Circor and its future prospects and did not constitute a basis for engaging in further dialogue with Crane at this time." Circor's stock has more than doubled (up 105%) year to date, but was still down 15% over the past 12 months, while the S&P 500 has gained 4.9% the past year.
soared nearly 40% to $42.87 Tuesday after industrial manufacturer Crane Co. offered to buy the smaller company in a deal valued at $1.7 billion. Under the proposal, Crane would pay $45 a share in cash for each Circor share outstanding, a 47% premium to Monday's closing price of $30.66.
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U.S. industrial manufacturer Crane Co on Tuesday made a hostile takeover bid for smaller rival Circor International Inc for about $894 million, after an earlier offer was rejected by Circor's board. Crane's cash offer of $45 per share represents a premium of about 47% to Circor's closing price on Monday. Circor's shares jumped 48.4% to $45.44.
Crane Co. (NYSE: CR ) announced Tuesday that it has submitted a proposal to the board of directors of CIRCOR International, Inc. (NYSE: CIR ) to acquire Circor for $45 per share in cash. The proposal represents ...