Why Circor International Stock Soared Higher This Week
Circor International (NYSE: CIR) managed to solicit a second bidder for the company, and investors stand to benefit from the interest. Shares of Circor were up 17% for the week, according to data provided by S&P Global Market Intelligence, as the aerospace component manufacturer plots out its future.
Circor, a maker of pumps, valves, and other flow-control products for the aerospace and defense, chemical manufacturers, and refineries industries, in early June agreed to be acquired by (NYSE: KKR) for $1.6 billion. That works out to $49 per share, or about 50% above where the stock was trading prior to the announcement.
Terms of the deal gave Circor's board the right to terminate the agreement should a better offer come along. A potential better deal did arise this week, when Arcline Investment submitted a proposal to acquire Circor for $51 per share.
Source Fool.com
KKR & Co. LP Stock
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On the other hand, the target price of 108 € is below the current price of 110.06 € for KKR & Co. LP, so the potential is actually -1.87%.
