KKR - Why Circor International Stock Soared Higher This Week
2023-06-30 14:25:57 ET
Circor International (NYSE: CIR) managed to solicit a second bidder for the company, and investors stand to benefit from the interest. Shares of Circor were up 17% for the week, according to data provided by S&P Global Market Intelligence , as the aerospace component manufacturer plots out its future.
Circor, a maker of pumps, valves, and other flow-control products for the aerospace and defense , chemical manufacturers , and refineries industries, in early June agreed to be acquired by KKR (NYSE: KKR) for $1.6 billion. That works out to $49 per share, or about 50% above where the stock was trading prior to the announcement .
Terms of the deal gave Circor's board the right to terminate the agreement should a better offer come along. A potential better deal did arise this week, when Arcline Investment submitted a proposal to acquire Circor for $51 per share.
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Why Circor International Stock Soared Higher This Week