US’ Chart industries end Flowserve deal, accepts Baker Hughes proposal

Chart Industries, Inc. (NYSE: GTLS), a global leader in energy and industrial gas solutions, today announced that, prior to entering into the definitive agreement with Baker Hughes Company (Nasdaq: BKR) that was announced separately today, the Company and Flowserve Corporation (NYSE: FLS) terminated their previously announced merger agreement.

Chart Industries has ended its merger agreement with Flowserve after its Board, with legal and financial advisors, deemed Baker Hughes’ acquisition proposal a ‘Superior Chart Proposal.’
Chart has now entered a definitive agreement with Baker Hughes.
Wells Fargo and Winston & Strawn advised Chart, with Collected Strategies as communications advisor.

The transaction with Baker Hughes follows a determination by the Chart Board of Directors, with the assistance of its financial and legal advisors, that an acquisition proposal received from Baker Hughes constitutes a “Superior Chart Proposal” under the terms of its merger agreement with Flowserve.

Wells Fargo is serving as financial advisor and Winston & Strawn LLP is serving as legal advisor to Chart. Collected Strategies is serving as Chart’s strategic communications advisor.

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ALCHEMPro News Desk (HU)