CIR - Arcline offers to buy Circor for $57/share topping KKR's bid

2023-06-28 07:02:26 ET

Circor International ( NYSE: CIR ) +7.7% pre-market Wednesday after P-E firm Arcline Investment Management submitted a $57/share all-cash takeover offer , above the amended $51/share offer submitted Tuesday by KKR ( NYSE: KKR ).

The new offer represents a ~80% premium to Circor's ( CIR ) closing share price on June 2, the last trading day prior to the company's announcement of its original transaction with KKR.

Arcline said the offer would expire automatically if Circor's ( CIR ) board does not declare it superior to KKR ( KKR ) by no later than June 29.

More on Circor International:

• Financial and valuation comparison to sector peers
• Analysis: Circor International: Undervalued Stock With Solid Upside Potential
• Stock price return: Up 51.5% YTD, up 51.5% in the past 12 months

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