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.

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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