Circor International Inc. (NYSE: CIR) shares were crushed on Monday on news that the firm’s board of directors had unanimously rejected a buyout bid. Specifically, this was a revised acquisition bid from Crane Co. (NYSE: CR).

The board believes that the bid substantially undervalued the company and was low-value, highly conditional and opportunistic. As a result, the board unanimously recommends that Circor shareholders not tender their shares into Crane’s revised offer.

Crane said that it will not extend its tender offer for Circor shares, which is scheduled to expire at midnight E.T. on July 19. Also, this revised buyout bid for Circor is currently valued at $48 a share, up from $45 a share in the previous week.

It’s worth noting that the current bid implies upside of 40% from the current 200-day moving average ($34.34) and upside of 16% from the 50-day moving average ($41.41).

David F. Dietz, chair of the board, commented:

After consulting with our financial and legal advisors, it is clear that Crane’s revised unsolicited tender offer substantially undervalues Circor and our go-forward plan for the business. The Circor Board and management team are focused on executing our strategy so we can deliver enhanced value to our shareholders and build a stronger, more resilient business with an improved growth and margin profile. We are confident that our plan will create greater value for our shareholders that is well in excess of Crane’s offer.

Shares of Circor traded down 14% Monday morning to $36.53, in a 52-week range of $19.73 to $48.70. The consensus price target is $50.00.

Crane traded up 0.3% at $83.38. The 52-week range is $67.18 to $100.14, and the consensus price target is $104.14.

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