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Flowserve Will Receive a $266 Million Termination Payment
Flowserve Highlights Ability to Drive Enhanced Value Creation Through Strength of Platform and Momentum of the Flowserve Business System
Flowserve Corporation (NYSE:FLS) ("Flowserve"), a leading provider of flow control products and services for the global infrastructure markets, today announced it has terminated its previously announced merger agreement for Flowserve to combine with Chart Industries, Inc. (NYSE:GTLS) ("Chart"). The termination follows the Flowserve Board of Directors' decision not to submit a revised offer to merge with Chart, after being notified that Chart's Board of Directors had determined that a recent unsolicited acquisition proposal from Baker Hughes (NASDAQ:BKR) constituted a "superior proposal" under the terms of the merger agreement. In accordance with the terms of the merger agreement, Flowserve will receive a $266 million termination payment.
