DIRS.INFO The most relevant business & tech news

☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

☆ Stocks making the biggest moves midday: Pinterest, Carnival, General Mills, Netflix and more
▼ + stars: | 2023-06-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pinterest — Shares climbed more than 5% in midday trading. The Wall Street firm said it anticipated more subscribers and the potential discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada. AeroVironment also said it anticipates full-year revenue of $630 million to $660 million, beating the $600 million expected by analysts. ZoomInfo also received positive coverage from Morgan Stanley, which reiterated an overweight rating on the stock. Snowflake — Shares added 5.5% after the data cloud company reiterated its full-year guidance during an investor day Tuesday.

Persons: Wells, Mills, Betty Crocker, Oppenheimer, AeroVironment, ZoomInfo, Needham, Morgan Stanley, Goldman Sachs, Arcline, BancShares, —, Alex Harring, Brian Evans, Jesse Pound, Michael Bloom Organizations: New York Stock Exchange, Norwegian Cruise, Royal, Refinitiv, Nvidia, Journal, Netflix, Joby, Reuters, KKR . First Locations: Norwegian, Royal Caribbean, China, Canada, Refinitiv, North Carolina

☆ Circor sticks with sale to KKR despite higher Arcline bid
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

Circor, an industrial machinery maker, said KKR had sweetened its all-cash deal from $49 to $51 per share in the wake of a rival bid of $52.65 per share in cash from an unidentified party. One of Fairbanks' subsidiaries is Hunt Valve, which competes with Circor in providing valve systems to the Navy. Arcline and KKR declined to comment. Circor said it rejected the higher offer because it concluded there was a risk of a protracted review by antitrust regulators that would jeopardize the deal. Circor shares ended at $51.49 on Tuesday, above the $51 per share deal clinched with KKR, indicating that some investors believed an even better deal was possible.

Persons: snubbing, Circor, Arcline, Gardner, Rand Inc's, Aishwarya Nair, David Carnevali, Vinay Dwivedi, Saumyadeb Chakrabarty, Leslie Adler Organizations: KKR, Co Inc, Arcline Investment Management, Fairbanks Morse Defense, U.S . Navy, Fairbanks, Hunt Valve, Circor, Navy, Representatives, Gardner Denver, Ingersoll, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Thomson Locations: Arcline, U.S, Bengaluru, New York

Search resuls for: "Arcline"

4 mentions found