: Ingersoll Rand confirms .6 billion buyout bid for SPX Flow was made, and rejected last month #FinanceUSA #StockMarketNEWS Shares of SPX Flow Inc. soared 24% toward record territory in premarket
@stockMarketNEWS Mon 19 Jul, 2021
Ingersoll Rand confirms .6 billion buyout bid for SPX Flow was made, and rejected last month #FinanceUSA #StockMarketNEWS
Shares of SPX Flow Inc. soared 24% toward record territory in premarket trading Monday, after the Ingersoll Rand Inc. confirmed that it made an all-cash buyout bid that values the industrial components maker and distributor at about .59 billion, but said the bid was rejected. Ingersoll Rand shares fell 1.4% ahead of the open. Ingersoll Rand said that on June 10, it made a bid to buy SPX Flow for a share, which is 20.4% above the May 7 record closing price of .60. The company said that on June 21, SPX Flow rejected the bid, and declined its request to engage in talks. Ingersoll Rand said that came about a month after its .50-per-share buyout bid was rejected by SPX Flow. "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," Ingersoll Rand Chief Executive Vicente Reynal said. "To be clear, while we believe that SPX Flow is a strong strategic fit with Ingersoll Rand, we will be disciplined in our approach and not stray from our demonstrated commitment to pursuing accretive transactions that present significant, additional post-synergy value creation opportunities." SPX Flow's stock has gained 7.1% year to date through Friday while Ingersoll Rand shares have edged up 5.7% and the S&P 500 has advanced 15.2%.