Circor up on amended merger announcement with KKR

CIRCOR International

30/06/2023 16:59

** Shares of industrial machinery maker Circor International
 CIR.N  rise as much as 4.92% to an over five-year high at
$56.45
    ** Stock last up 4.55% to $56.25
    ** CIR on Thursday aftermarket announced amended definitive
merger deal with KKR & Co  KKR.N  at $56 per share, in cash
    ** KKR raised acquisition offer to $56 per share from $51
per share after rival bid from Arcline Investment Management
    ** CIR stockholders will potentially receive additional cash
of up to a maximum aggregate amount of $1.00 per share if
transaction not closed by October 31
    ** Arcline on Wednesday proposed to buy CIR for $1.8 bln,
including debt, at $57 per share, topping KKR's rival bid of
$1.7 bln
    ** Brokerage Stifel raises PT on CIR to $56 from $51
    ** YTD, CIR has more than doubled including sessions move

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))