RTTNews | Jul 19, 2021 10:37AM EDT

10:36 Monday, July 19, 2021 (RTTNews.com) - Shares of SPX FLOW, Inc. (FLOW) jumped over 25% on Monday morning after the Ingersoll Rand Inc. (IR) confirmed that it made a sweetened all-cash offer to acquire the industrial components maker and distributor for about $3.59 billion. But revealed that the bid was rejected.

FLOW is currently trading at $78.75, up $16.66 or 26.83%, on the NYSE.

Ingersoll Rand confirmed that on June 10, 2021 it made an all-cash non-binding proposal to the Board of Directors of SPX Flow to acquire the company for $85 per share. The bid represents a 37% premium over last Friday's closing price and a premium of around 20% over SPX Flow's all-time high closing price.

Ingersoll also said that the SPX Flow Board of Directors rejected the proposal and declined Ingersoll Rand's request to engage in constructive dialogue on June 21, 2021. This follows the rejection by SPX Flow of a prior offer by Ingersoll Rand of $81.50 per share made on May 27, 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3209997/spx-flow-up-25-after-ingersoll-rand-confirms-its-3-6-bln-buyout-bid-was-rejected.aspx)

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