CIRCOR (NYSE: CIR) shareholders sent the board a stern message on Friday, tendering nearly 67% of the shares in Crane’s (NYSE: CR) expiring $48 per share offer. Despite the overwhelming support from shareholders, CIRCOR continued its defiant tone Monday. CIRCOR reiterated it is executing on its growth plan and said it “remains open to any transaction or set of transactions that are in the best interests of CIRCOR and its shareholders.” The comments are seen as counter to the will of the shareholders, given the statement the tender results expressed.

While the tender offer expired and was not renewed, sources familiar with Crane’s thinking said it is still open to a transaction if CIRCOR’s board is willing to come to the table. However, time is of the essence as Crane has already re-deployed its teams to other projects, sources said. “If CIRCOR chooses to respect the views of its shareholders and engage, it should do so quickly,” sources added.

CIRCOR viewed the latest $48 offer as “significantly” undervaluing the company and its prospects but sources familiar with the company's thinking said it is still open to a deal at a higher price. While no number was given, a $60 per share number has been floated by some.

While shareholders may agree that the company could be worth more, the tender results send a message that they would rather take the $48 then rely on the company’s growth plan, which has its own risks.

The CIRCOR board now faces two choices, open up a dialogue with Crane or dig in and risk the will of shareholders being imposed next proxy season.