CIR - Circor International accepts KKR's raised $51/share buyout offer

2023-06-27 07:03:31 ET

Circor International ( NYSE: CIR ) +6.8% pre-market Tuesday after agreeing to an amended deal with KKR ( NYSE: KKR ), which raised its takeover offer to $51/share from its previous offer of $49/share.

KKR ( KKR ) also agreed to provide a full equity backstop for the consummation of the merger.

The new deal is valued at $1.7B including debt, and implies a $1.04B market capitalization for Circor ( CIR ).

The deal was amended after Circor ( CIR ) received an unsolicited buyout bid of $52.65/share in cash.

Despite the lower bid, Circor ( CIR ) said it believes the KKR ( KKR ) bid is superior "because it offered more financing certainty and a clearer and faster path to receiving antitrust approvals."

More on Circor International:

• Financial and valuation comparison to sector peers
• Analysis: Circor International: Undervalued Stock With Solid Upside Potential
• Stock price return: Up 103% YTD, up 212% in the past 12 months

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