Shares of Circor International Inc. CIR rallied 4.9% toward a six-year high in morning trading Wednesday, but pared an earlier intraday gain of 6.7%, after KKR & Co. Inc. KKR affirmed its intention to buy the flow-control-products company. KKR’s announcement comes after private-equity firm Arcline Investment Management LP submitted a $57-a-share cash bid to buy Circor, which is about 12% KKR’s agreed-upon amended bid of $51 a share. KKR’s stock fell 0.9% in morning trading.
KKR affirmed its intention to buy the flow-control-products company. KKR’s announcement comes after private-equity firm Arcline Investment Management LP submitted a $57-a-share cash bid to buy Circor, which is about 12% KKR’s agreed-upon amended bid of $51 a share. KKR’s stock fell 0.9% in morning trading. “KKR is confident that its transaction to acquire Circor maximizes shareholder value while minimizing regulatory, market, and industry risks,” KKR said in a statement.
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