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CIR

Circor

$45.37

-0.68 (-1.48%)

, CR

Crane

$81.45

-1.525 (-1.84%)

07:03
07/11/19
07/11
07:03
07/11/19
07:03

Circor board unanimously rejects Crane's revised offer

Circor (CIR) announced that its board, after careful consideration and with the advice of its independent financial and legal advisors, unanimously rejected the revised unsolicited tender offer from Crane (CR), as it substantially undervalues the company and is low-value, highly conditional and opportunistic. The Circor board unanimously recommends that Circor shareholders not tender their shares into Crane's revised offer. The basis for the board's recommendation with respect to the revised offer is set forth in Circor's amended Solicitation/Recommendation Statement on Schedule 14D-9 filed today with the SEC. The board considered numerous reasons and determined that the execution of the company's strategic plan will deliver significantly greater value in the near- and long-term for the company's shareholders. "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," said David Dietz, chairman of the board. "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."

CIR

Circor

$45.37

-0.68 (-1.48%)

CR

Crane

$81.45

-1.525 (-1.84%)

  • 23

    Jul

CIR Circor
$45.37

-0.68 (-1.48%)

07/08/19
ADAM
07/08/19
NO CHANGE
Target $105
ADAM
Buy
Canaccord continues to think Circor is good strategic fit for Crane
Canaccord Genuity analyst Ken Herbert continues to believe Circor (CIR) would be a "very good" strategic fit with Crane (CR). He keeps a Buy rating on Crane with a $105 price target after the company this morning increased its bid for Circor from $45 to $48 per share. Based on the movement in Circor stock, investors seem increasingly optimistic that the company will eventually open up to a formal acquisition process, or that management will start to take steps to materially improve its performance, Herbert tells investors in a research note. While the analyst thinks one more increase in the offer price is possible, he expects Crane management "to move on from the opportunity before doing anything irrational."
05/21/19
STFL
05/21/19
NO CHANGE
Target $103
STFL
Buy
Crane's Circor offer represents good value for shareholders, says Stifel
Stifel analyst Nathan Jones says Crane's (CR) $45 per share offer for Circor (CIR) represents "good value" for Crane shareholders, particularly given Crane management's track record for generating above-target synergies and smooth integrations. Jones, who has a Buy rating and $103 price target on Crane, thinks there could potentially be one or two competing bidders with ITT (ITT) making the most sense to him, but also named Flowserve (FLS) and SPX Flow (FLOW) as companies that may be interested in Circor.
05/21/19
SIDC
05/21/19
DOWNGRADE
SIDC
Neutral
Circor downgraded to Neutral from Buy at Sidoti
03/12/19
03/12/19
DOWNGRADE

Sector Weight
Circor downgraded to Sector Weight on valuation at KeyBanc
As previously reported, KeyBanc analyst Jeffrey Hammond downgraded Circor to Sector Weight from Overweight saying that with shares having reached his prior price target and valuation back in line with the historical average, he sees less runway from here compared to other small-cap value names within his coverage. In addition, while Hammond appreciates Circor's back-end-loaded earnings potential this year, persistent execution issues, including plant-related costs that will linger through the first half of 2019, have dampened his confidence in positive second half of the year fundamentals translating to the bottom line.
CR Crane
$81.45

-1.525 (-1.84%)

04/11/19
UBSW
04/11/19
NO CHANGE
Target $100
UBSW
Buy
Crane price target raised to $100 from $90 at UBS
UBS analyst Damian Karas raised his price target on Crane to $100 and kept his Buy rating, saying the company's currency business is being "undervalued" in spite of its strong first-year performance amid "secular concerns around use of cash as a means of payment." The analyst acknowledges that the use of cash will become "less prominent over time", but points to central bank data suggesting that currency in circulation "continues to grow despite higher penetration of cashless transactions", rising mid-to-high single digits globally in recent years.
01/29/19
WBLR
01/29/19
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Crane with 2019 synchronized growth unlikely
William Blair analyst Nicholas Heymann downgraded Crane to Market Perform from Outperform saying further synchronized growth in 2019 is unlikely. The analyst no longer believes Crane's absolute valuation is likely to "materially improve," but he admits "the pause in revenue growth" for 2019 may already be reflected in the current share price. The largest risk to Crane's share price may be nominal upside rather than further significant market underperformance, Heymann tells investors in a research note. He believes, however, that Crane's long-term growth prospects remain solid.

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