June 4, 2019 / 1:13 PM / 2 months ago

Crane says willing to adjust buyout offer if Circor board engages in talks

(Reuters) - U.S. industrial manufacturer Crane Co said on Tuesday it was willing to adjust its $894 million offer for smaller rival Circor International Inc if its board was willing to engage in talks.

In an open letter to Circor’s board, Crane said it was committed to pursuing an all cash buyout at $45 per share but was willing to adjust the price if Circor provided “sufficient justification.”

Crane, which makes pumps and valves, made a hostile takeover bid for Circor in May after an earlier offer was rejected by Circor.

Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber

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