SPX Flow rebuffs Ingersoll Rand acquisition offer -sources
(Reuters) -SPX Flow Inc, a U.S. provider of manufacturing equipment for the nutrition, health and industrial sectors, has rebuffed takeover approaches from pumps and compressors manufacturer Ingersoll Rand Inc, according to people familiar with the matter.
The most recent offer was in the low $80s per share and was dismissed by SPX Flow as inadequate, the sources said. SPX Flow shares ended trading at $62.09 on Friday, giving the company a market capitalization of $2.6 billion.
Ingersoll Rand has no plans to make a hostile offer for SPX Flow, and it is not clear if it will submit a new bid, the sources added.
Ingersoll Rand declined to comment. SPX Flow was not immediately available for comment. The Wall Street Journal first reported on Sunday on Ingersoll Rand’s approaches to SPX Flow.
Charlotte, North Carolina-based SPX Flow was spun out of air conditioning and power equipment maker SPX Corp in 2015.
Ingersoll Rand was put together last year through the merger of peer Gardner Denver with Ingersoll Rand Plc’s industrial business. Last month, it sold its golf cart business to private equity firm Platinum Equity for $1.68 billion.
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