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Crane Co. Says Willing To Adjust Buyout Offer If Circor Engages

Crane Co. (CR) said that it remains firmly committed to pursuing its $45 per share proposal to acquire Circor International Inc. (CIR). It continues to believe its proposal is full and fair based on public information. However, it is willing to consider adjusting the price in its proposal if Circor engages with it and provides sufficient justification.

The statement came following the CIRCOR Board of Directors' rejection of Crane Co.'s initial $45 per share all-cash proposal.

Crane said, "We are fully committed to pursuing our proposal. Given the strength of CIRCOR shareholder support, absent engagement, we will assess additional actions available to us in furtherance of the proposed transaction."

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