Industrial products maker Crane (CR) - Get Report increased its offer for Circor International (CIR) - Get Report on Monday, boosting its bid for the rival company by nearly 7% to $48 a share in cash.
Circor shares were climbing 1.7% to $47.85, while Crane shares were off nearly 1% to $83.93.
Crane said in a statement that the increased offer is a 57% premium over undisturbed market close on May 20, and 46% and 61% premiums over the three- and six-month volume weighted average share prices, respectively.
Circor said in a statement that its board "will carefully review and evaluate Crane's revised tender offer to determine the course of action that it believes is in the best interests of Circor and its shareholders."
The new offer is the latest in Crane's attempt to acquire Circor, which began in April, when Crane made a proposal that Burlington, Massachusetts-based Circor rejected, declaring in a May 21 statement that the "proposal was highly opportunistic, substantially undervalued Circor and its future prospects, and did not constitute a basis for engaging in further dialogue with Crane at this time."
Last month, the Stamford, Connecticut-based Crane said it had begun a cash tender offer to acquire Circor's outstanding shares for $45 a share, or roughly $1.7 billion.
A short time later, Circor said its board had unanimously rejected the offer because it "substantially undervalues the company."
The latest offer expires at midnight ET on July 19, Crane said.