Arcline proposes to buy Circor International for $57/share (updated)
28/06/2023 11:29
(Recasts paragraph 1, adds details on the deal in paragraph 2,
adds background on rival's bid in paragraph 3)
June 28 (Reuters) - Private equity firm Arcline
Investment Management LP on Wednesday proposed to buy Circor
International Inc CIR.N for $57 per share in cash, toppling a
rival bid from KKR & Co Inc KKR.N for the industrial machinery
maker.
Arcline's offer represents a premium of about 12% to the $51
per share offered by KKR.
Circor said on Tuesday it would proceed with plans to sell
itself to private equity firm KKR in a $1.7 billion deal after
snubbing an offer from an unnamed bidder, which sources
identified as private equity firm Arcline Investment Management.
Arcline, which owns Fairbanks Morse Defense, is a provider
of diesel engines and equipment to the U.S. Navy.
Circor, which makes flow-control products to help manage and
control liquids and gases, did not immediately respond to
Reuters request for a comment.
(Reporting by Priyamvada C in Bengaluru; Editing by Dhanya Ann
Thoppil)
((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))