Circor's  (CIR) - Get Report shares were trading 8.4% lower at $41.62 Thursday after its board rejected Crane's  (CR) - Get Report  sweetened $955 million hostile bid. 

The Burlington, Mass., company called Crane's offer "low-value, highly conditional and opportunistic."

Circor said in a Thursday statement, "Execution of the company's strategic plan will deliver significantly greater value in the near and long term."

A merger would bring together two producers of valves and fluid-control components. Crane also produces vending machines, airplane brakes and other industrial products.

Crane on Monday increased its offer for Circor, boosting its bid by nearly 7% to $48 a share cash.

In a statement Crane said the sweetened offer is a 57% premium over the stock's May 20 close, and about 46% above the three-month and 61% above the six-month volume-weighted average share prices.

Stamford, Conn.-based Crane's shares were up less than 1% to $81.54.

Circor shares fell the most since May 7, though they are up more than 92% year to date. 

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