Ingersoll Rand makes $85/share bid to buy SPX Flow

Jul. 19, 2021 7:50 AM ETIngersoll Rand Inc. (IR), FLOWIR, FLOWBy: Carl Surran, SA News Editor2 Comments
  • SPX Flow (NYSE:FLOW) +27.2% pre-market after Ingersoll Rand (NYSE:IR) confirms it made a cash offer to acquire the company for $85/share, representing a 37% premium over Friday's closing price.
  • Ingersoll Rand says SPX Flow rejected its prior offer of $81.50/share made on May 27.
  • SPX Flow "provides a strong strategic fit... including a resulting enhanced broad spectrum of complementary flow creation technologies, and that a combination presents a compelling value creation opportunity," Ingersoll Rand says.
  • WSJ reported last night that Ingersoll Rand had made multiple takeover bids for SPX Flow that were rebuffed.

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