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.
Media Contact:
Melissa
Buscher
Chief Communications and Marketing Officer
Melissa.buscher@spxflow.com
704-449-9187
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SOURCE SPX FLOW, Inc.
