Circor International Inc. CIR, -1.60% said Thursday its board has unanimously decided to reject the latest buyout bid by Crane Co. CR, -1.80% saying it “substantially undervalues the company and is low-value, highly conditional and opportunistic.” Earlier this week, Crane had raised its cash buyout bid for Circor to $48 a share, which would imply a market capitalization of $955.2 million, from $45 a share. Circor’s stock has more than doubled (up 113.2%) year to date, while Crane shares have advanced 12.9% and the S&P 500 SPX, +0.45% has gained 19.4%.