June 17 (Reuters) - U.S. industrial manufacturer Crane Co on Monday began a tender offer for all outstanding shares of smaller rival Circor International Inc at $45 per share, after its buyout offer was rejected by Circor's board.
Crane, which makes pumps and valves, said it continues to prefer a negotiated transaction with Circor's board of directors.
Crane Chief Executive Officer Max Mitchell said the tender offer provides shareholders the opportunity to send a clear message to the Circor Board.
"Circor shareholders have endured five years of underperformance and a series of value-destroying capital allocation decisions by current management," Mitchell said.
Crane had said earlier this month it was willing to adjust its $894 million offer for Circor if its board was willing to engage in talks. (Reporting by Sanjana Shivdas in Bengaluru)