SPX Flow jumps on Ingersoll Rand buyout offer of $85/share

SPX Technologies

19/07/2021 13:10

** Shares of SPX Flow Inc  FLOW.N  jump 27% to $79 premarket
on buyout offer from  pumps and compressors manufacturer
Ingersoll Rand Inc  IR.N 
    ** IR says on June 10 it made all-cash offer to acquire FLOW
for $85/sh, following industrial machinery firm's rejection of
$81.50/sh bid made in May  urn:newsml:reuters.com:*:nBw1zGkFsa
    ** Latest offer represents 37% premium to FLOW's last sale
on Fri, and ~20% premium to stock's all-time high close ($70.60)
    ** IR says believes combination is "compelling value
creation opportunity" and remains "committed to engaging with
SPX Flow on a friendly basis and in a constructive and
collaborative manner"
    ** FLOW has ~$2.6 bln market cap as of Fri close, per
Refinitiv data
    ** Charlotte, North Carolina-based co was spun out of air
conditioning and power equipment maker SPX Corp  SPXC.N  in 2015
    ** IR formed last year through merger of peer Gardner Denver
with Ingersoll Rand Plc's industrial business
    ** YTD, FLOW shares up ~7%
    ** IR shares on Fri closed at $48.16 for ~$20 bln market
value. Its stock is up ~6% in 2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))