SPX Flow rebuffs Ingersoll Rand acquisition offer -sources (updated)

SPX Technologies

18/07/2021 22:49

(Updates sourcing)
    July 18 (Reuters) - SPX Flow Inc  FLOW.N , a U.S. provider
of manufacturing equipment for the nutrition, health and
industrial sectors, has rebuffed takeover approaches from pumps
and compressors manufacturer Ingersoll Rand Inc  IR.N ,
according to people familiar with the matter.
    The most recent offer was in the low $80s per share and was
dismissed by SPX Flow as inadequate, the sources said. SPX Flow
shares ended trading at $62.09 on Friday, giving the company a
market capitalization of $2.6 billion. 
    Ingersoll Rand has no plans to make a hostile offer for SPX
Flow, and it is not clear if it will submit a new bid, the
sources added.
    Ingersoll Rand declined to comment. SPX Flow was not
immediately available for comment. The Wall Street Journal first
reported on Sunday on Ingersoll Rand's approaches to SPX Flow.  
    Charlotte, North Carolina-based SPX Flow was spun out of air
conditioning and power equipment maker SPX Corp  SPXC.N  in
2015.
    Ingersoll Rand was put together last year through the merger
of peer Gardner Denver with Ingersoll Rand Plc's industrial
business. Last month, it sold its  golf cart business to private
equity firm Platinum Equity for $1.68 billion.

 (Reporting by Anirudh Saligrama and Kanishka Singh in Bengaluru
and Greg Roumeliotis in New York; Editing by Steve Orlofsky)
 ((Anirudh.Saligrama@thomsonreuters.com;))