Private equity firm Arcline Investment Management LP has submitted a binding proposal to acquire 100% of the shares of CIRCOR International Inc CIR for $57 per share.
The proposal represents a premium of about 12% to the $51.00 per share price reflected in CIRCOR's revised merger agreement with affiliates of KKR & Co. Inc KKR.
Also, the offer represents a premium of approximately 80% to CIRCOR's closing share price on June 2, 2023, the last trading day prior to CIRCOR's June 5, 2023, announcement of its original transaction with KKR.
The offer represents a total valuation of over $59.00 per share, when factoring in over $2.00 per share in value leakage through termination fees that the Board has agreed with KKR despite Arcline's active interest.
Arcline noted the proposal is supported by fully committed financing.
Arcline's binding proposal will expire automatically if the Board does not declare it a "Superior Proposal" and provide KKR a "Determination Notice" by no later than 8:00 pm Eastern Time on Thursday, June 29, 2023.
Price Action: CIR shares are trading higher by 6.82% at $55.00 in premarket on the last check Wednesday.
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