SPX Flow to explore strategic options after rejecting Ingersoll bid (updated)

SPX Technologies

26/07/2021 11:25

(Adds details from SPX's statement)
    July 26 (Reuters) - SPX Flow  FLOW.N  said on Monday it
would explore strategic alternatives, including a sale or merger
of the company, after the industrial pumps and valves maker
rejected Ingersoll Rand's  IR.N  sweetened $3.59 billion buyout
bid last week. 
    SPX, which makes components for machinery used by industries
such as food and beverages, had rejected Ingersoll's proposal,
saying it undervalued the company.  urn:newsml:reuters.com:*:nL4N2OV30I
    Ingersoll raised its offer in June to $85 per share from its
first bid to buy SPX in May at $81.50 apiece.
    "The board concluded that (Ingersoll's) proposals did not
adequately value the company in light of the board's confidence
in the potential for increased profit margins and growth," SPX
said in a statement on Monday.  urn:newsml:reuters.com:*:nPnc0cnk1a
    SPX's shares closed at $76.12 on Friday. 
    Morgan Stanley and Co LLC is serving as SPX's financial
adviser, while Winston and Strawn LLP is its legal adviser.

 (Reporting by Ankit Ajmera in Bengaluru; editing by Uttaresh.V)
 ((Ankit.Ajmera@thomsonreuters.com;))