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