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<\/p>\nSPX FLOW, a provider of process solutions, has confirmed that its board of directors on June 10 received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand to acquire all outstanding shares of SPX FLOW common stock for $85.00 per share in cash.<\/p>\n
The proposal represented a 37% premium over last Friday\u2019s closing price and a premium of approximately 20% over SPX Flow\u2019s all-time high closing price.<\/p>\n
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SPX Flow also rejected of a prior offer by Ingersoll Rand of $81.50 per share made on May 27, 2021.<\/p>\n
In a press statement, SPX FLOW said that after \u201ccareful evaluation with its financial and legal advisors, the SPX FLOW board of directors unanimously rejected the proposal determining that it significantly undervalues SPX FLOW and its future growth prospects and is not in the best interests of the Company and its shareholders\u201d.<\/p>\n
SPX went on to say that its board is confident that the \u201ccontinued successful execution of its strategic plan will deliver greater value to shareholders\u201d. The SPX FLOW Board and management team are open to all avenues to deliver shareholder value and remain focused on sustained and profitable growth.<\/p>\n
Vicente Reynal, Ingersoll Rand president and CEO said: \u201cWe believe that SPX Flow has a strong strategic fit with Ingersoll Rand, including a resulting enhanced broad spectrum of complementary flow creation technologies, and that a combination presents a compelling value creation opportunity for the employees, customers and shareholders of both companies. While we had hoped to complete a transaction privately, we remain committed to engaging with SPX Flow on a friendly basis and in a constructive and collaborative manner.\u201d<\/p>\n
SPX FLOW is in a quiet period and will provide an update on progress of the strategic plan during its second quarter 2021 financial results call to be held on August 4, 2021.<\/p>\n
SPX FLOW\u2019s product offering is concentrated in process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer. It made approximately $1.4bn in 2020 annual revenues and has operations in more than 30 countries and sales in more than 140 countries.<\/p>\n