CHARLOTTE, N.C., July 19, 2021 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW), a leading provider of process solutions, today confirmed its Board of Directors previously received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand Inc. (NYSE: IR) to acquire all outstanding shares of SPX FLOW common stock for $85.00 per share in cash.
After careful evaluation with its financial and legal advisors, the SPX FLOW Board of Directors unanimously rejected the proposal determining that it significantly undervalues SPX FLOW and its future growth prospects and is not in the best interests of the Company and its shareholders. The Board is confident that the continued successful execution of its strategic plan will deliver greater value to shareholders. The SPX FLOW Board and management team are open to all avenues to deliver shareholder value and remain focused on sustained and profitable growth.
SPX FLOW is in a quiet period and will provide an update on progress of the strategic plan during its second quarter 2021 financial results call to be held at 9:00 a.m. Eastern time on August 4, 2021.
Morgan Stanley & Co. LLC is serving as SPX FLOW's financial advisor and Winston & Strawn LLP is serving as its legal advisor.
About SPX FLOW, Inc.:
Based in Charlotte, N.C., SPX FLOW, Inc. (NYSE: FLOW) improves the world through innovative and sustainable solutions. The company's product offering is concentrated in process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities that are integral to processes performed across a wide variety of markets for nutrition, health and precision solutions. SPX FLOW had approximately $1.4 billion in 2020 annual revenues and has operations in more than 30 countries and sales in more than 140 countries. To learn more about SPX FLOW, please visit www.spxflow.com.
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