Although its contentious acquisition of Circor has come to naught, Stamford’s Crane Co. is still engaging in a war of words with the Massachusetts manufacturer.
Crane, which last week set a deadline of July 19 for its $48-per-share offer to be accepted, said that as of the unsolicited offer’s expiration, approximately 66.77% of Circor’s 13 million shares had been tendered.
Among those accepting Crane’s offer was Gamco Investors Inc. of Rye, which with 14.4% is Circor’s largest investor. That firm is also a shareholder in Crane.
Nevertheless, the deal ultimately failed because several conditions were not met, including Circor’s entering into a merger agreement with Crane. The shares will be returned to Circor investors.
Circor has repeatedly maintained that Crane’s offers were insufficient.
“We appreciate the overwhelming support we received from Circor shareholders,” Crane Co. President and CEO Max Mitchell said. “Given this resounding result, it is hard for us to imagine how Circor’s board and management are not engaging with us to negotiate a transaction to deliver significant value to their shareholders.”
In its own statement, Circor, based in Burlington, Massachusetts, said it “is executing a detailed plan to deliver substantial earnings growth while deleveraging the company over the next 18 months. Circor’s board and management are focused on enhancing shareholder value and are confident that our plan will deliver significant value in the near and long-term.
“Circor remains open to any transaction or set of transactions that are in the best interests of Circor and its shareholders,” it added.