Circor International nears six-year high on Arcline's bid
28/06/2023 15:28
(Updates)
** Shares of industrial machinery maker Circor International
CIR.N rise as much as 6.8% to a near six-year high of $54.94
** Private equity firm Arcline Investment Management
proposes to acquire CIR for $57 per share in an all-cash deal
** Proposal represents a premium of ~12% to the $51 per
share offered by KKR & Co KKR.N
** Company planned to proceed to sell itself to KKR in an
all-cash deal for $51 per share on Tuesday
** KKR now reaffirms its intention to acquire CIR and states
its deal would maximize shareholder value and minimize
regulatory, market, and industry risks
** Stock has more than doubled so far in 2023
(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))