Shares of Circor International Inc.
CIR,
rocketed 49.2% toward a four-year high in premarket trading Monday, after the flow control products company announced a deal to be acquired by KKR & Co. Inc.
KKR,
in a cash deal valued at $1.6 billion, including debt. KKR’s stock was still inactive ahead of the open. Under terms of the deal, Circor shareholders will receive $49 for each Circor share they own, which represents a 54.7% premium to Friday’s closing price of $31.67, and implies a market capitalization for Circor of $999.1 million. The deal, which is expected to close in the fourth quarter of 2023, follows a strategic review Circor initiated in March 2022. “We believe that this transaction and the immediate cash value it will provide to Circor’s stockholders best achieves the Board’s goal of unlocking the significant incremental value within Circor for its stockholders,” said Circor Chairman Helmuth Ludwig. Circor’s stock has soared 32.2% year to date through Friday, while KKR shares have run up 15.5% and the S&P 500
SPX,
has advanced 11.5%.
Breaking News
Circor’s stock rockets toward 4-year high after buyout deal with KKR valued at $1.6 billion, including debt
[ad_1]
[ad_2]
