Circor International Inc.’s stock CIR soared 9.5% premarket Wednesday, after private equity firm Arcline Investment Management LP submitted an offer for the flow-control-products company for $57 a share in cash, above the amended $51-a-share offer made by KKR & Co. Inc. KKR on Tuesday. The new offer is equal to a 12% premium over the KKR offer and a premium of about 80% over Circor’s closing price on June 2, the last trading day before its announcement of a deal with KKR, Arcline said in a statement. The deal will expire automatically if the Circor board does not deem it a “superior proposal” to the KKR one by no later than 8:00 p.m. Eastern time on Thursday, June 29. Arcline was created in September 2018 and has $8.9 billion of capital commitments. Circor stock has gained 114% in the year to date, while the S&P 500 SPX has gained 14%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
