SPX Flow (FLOW) says Ingersoll Rand's (IR) proposal significantly undervalues company

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.

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