June 17, 2019 / 11:24 AM / 3 months ago

Crane goes hostile with $894 mln buyout offer for Circor

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)

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