Circor shares tumble as Crane says it won't extend offer deadline

Circor shares slumped on Monday after Crane Co said it would not extend its offer for the US flow control technology company if there is no "substantive engagement" this week.

Circor rejected a $45 a share cash offer from Crane last month, dismissing the bid as "low value", "opportunistic" and not in the best interest of shareholders. On 8 July, Crane then upped its offer to $48 a share in cash but this was rejected again.

David F. Dietz, Circor’s chairman, said on 11 July: "After consulting with our financial and legal advisors, it is clear that Crane’s revised unsolicited tender offer substantially undervalues Circor and our go-forward plan for the business.

"The Circor board and management team are focused on executing our strategy so we can deliver enhanced value to our shareholders and build a stronger, more resilient business with an improved growth and margin profile. We are confident that our plan will create greater value for our shareholders that is well in excess of Crane’s offer."

At 1400 BST, Circor shares were down 16.8% in pre-market trade at $35.21.