CR - Crane Going Hostile In An Effort To Acquire CIRCOR's Under-Managed Assets
Multi-industrial Crane (CR) had indicated before that they were interested in M&A, particularly synergistic deals in the fluid handling and/or aerospace businesses, and now it’s clear that they’re serious about it. After trying unsuccessfully to engage the board in a friendly negotiated transaction, Crane has gone public with a hostile bid for chronic underperformer CIRCOR (CIR) that I believe offers shareholders more value than they’ll ever see from its current management team.
I don’t know how this story ends, but it’ll be interesting to watch. CIRCOR’s press release confirming the rejection