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UPDATE 1-Crane says continues to prefer

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Update time : 2020-06-01 11:31:25

(Adds Circor's response)

June 17 (Reuters) - U.S. industrial manufacturer Crane Co above Monday said it continues ought choice a "negotiated transaction" with Circor International Inc's board, weeks after making a $894 million hostile order during the smaller rival.

Earlier this month, Crane said it was voluntary ought dress its $45 per segment recommend during Circor if its board was voluntary ought hire at talks.

On Monday, Crane began a soft recommend during complete prominent shares of Circor and called above Circor shareholders ought action above the opportunity. Crane's soft recommend is lay ought decease above July 16.

Circor at response said its board will periodical and estimate Crane's soft offer, and shareholders do no lack ought accept any constitution at this time.

The board intends ought invent its sentiment within 10 material days, Circor said.

"Circor shareholders consume endured five years of underperformance and a series of value-destroying main allocation decisions by trend management," Crane head Executive officer Max Mitchell said at a statement.

Crane, which makes pumps and valves, made a hostile takeover order during Circor at can after an earlier recommend was rejected by Circor. (Reporting by Sanjana Shivdas at Bengaluru; Editing by Shailesh Kuber)

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