08:39 AM EDT, 07/29/2025 (MT Newswires) -- Chart Industries ( GTLS ) and Flowserve ( FLS ) terminated their previously announced merger agreement, the companies said in separate statements on Tuesday.

Flowserve ( FLS ) said the termination follows the decision of its board not to submit a revised offer after being notified that Chart's board had determined that Baker Hughes' ( BKR ) recent acquisition proposal was a "superior proposal."

Flowserve ( FLS ) said it will receive a termination payment of $266 million under the terms of the merger agreement.

Shares of Chart advanced 16% and Flowserve ( FLS ) rose 7.5% in recent premarket activity.