Crane Raises Acquisition Offer For Circor

Crane Co CR has raised its acquisition offer for Circor CIR to $48 per share from $45 per share.

On June 24, Circor's board of directors rejected Crane’s proposal to acquire the firm for $45 per share, saying the offer is “highly opportunistic” and “substantially undervalued.”

Circor designs and manufactures engineered products and systems for the oil and gas, defense, and other industrial markets.

Circor shares closed Friday's session at $46.07. The stock has a 52-week high of $48.70 and a 52-week low of $19.73 per share.

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