Shares of Circor International Inc. CIR rocketed 49.2% toward a four-year high in premarket trading Monday, after the flow control products company announced a deal to be acquired by KKR & Co. Inc. KKR in a cash deal valued at $1.6 billion, including debt. KKR’s stock was still inactive ahead of the open. Under terms of the deal, Circor shareholders will receive $49 for each Circor share they own, which represents a 54.7% premium to Friday’s closing price of $31.
KKR in a cash deal valued at $1.6 billion, including debt. KKR’s stock was still inactive ahead of the open. Under terms of the deal, Circor shareholders will receive $49 for each Circor share they own, which represents a 54.7% premium to Friday’s closing price of $31.67, and implies a market capitalization for Circor of $999.1 million. The deal, which is expected to close in the fourth quarter of 2023, follows a strategic review Circor initiated in March 2022.