Flowserve Corporation and Chart Industries Inc have terminated their previously announced merger agreement.
This follows the Flowserve board of directors’ decision not to submit a revised offer to merge with Chart, after being notified that Chart’s board had determined that a recent unsolicited acquisition proposal from Baker Hughes constituted a “superior proposal” under the terms of the merger agreement.
Baker Hughes and Chart Industries have now entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for US$210 per share in cash, equivalent to a total enterprise value of US$13.6 billion.
Flowserve will receive a US$266 million termination payment.
