Despite CIRCOR's (NYSE: CIR) continued defiance to a takeover by Crane (NYSE: CR), over 50% of the shares are expected to be tendered at $48 per share into the July 19th midnight expiration, market sources said.

While Crane is not expected to extend its tender offer, the news sends the Board of CIRCOR a very serious message (i.e. you didn't do what is in the best interest of shareholders).

Earlier in the day, Mario Gabelli's GAMCO announced it would tender its shares and again encouraged CIRCOR’s Board to engage with Crane, which so far it has been unwilling to do.

In addition to GAMCO's 14.4% stake, other long-only funds, hedge funds, and merger arbs have agreed to tenders their shares, and the tally now amounts to over half of the outstanding common shares.