Crane to acquire Circor for $894m.

Crane, a diversified manufacturer of highly engineered industrial products, submitted a proposal to the Board of Directors of CIRCOR International, to acquire CIRCOR for $45 per share in cash. The proposal represents a 47% premium over yesterday’s closing price. This reflects an enterprise value of approximately $1.7bn at a multiple of approximately 13.5x the last 12-month adjusted EBITDA. “Our proposal provides CIRCOR shareholders with attractive value and certainty compared to the continued uncertainty surrounding CIRCOR’s plans to improve operating performance. Based on CIRCOR’s history of underperformance and inability to meet its own financial targets, we believe CIRCOR’s standalone plan is unlikely to generate value comparable to what we are proposing.” Max Mitchell, Crane President, and Chief Executive Officer.