(Reuters) – Private equity firm Arcline Investment Management LP on Wednesday proposed to buy Circor International Inc for $57 per share in cash, toppling a rival bid from KKR & Co Inc for the industrial machinery maker.
Arcline’s offer represents a premium of about 12% to the $51 per share offered by KKR.
Circor said on Tuesday it would proceed with plans to sell itself to private equity firm KKR in a $1.7 billion deal after snubbing an offer from an unnamed bidder, which sources identified as private equity firm Arcline Investment Management.
Arcline, which owns Fairbanks Morse Defense, is a provider of diesel engines and equipment to the U.S. Navy.
Circor, which makes flow-control products to help manage and control liquids and gases, did not immediately respond to Reuters request for a comment.
(Reporting by Priyamvada C in Bengaluru; Editing by Dhanya Ann Thoppil)
