Tags: KKR | Offer | Gardner | Denver

KKR Said to Offer $3.7 Billion for Gardner Denver

Thursday, 21 Feb 2013 05:26 PM

KKR & Co. offered about $3.68 billion for Gardner Denver Inc., the industrial equipment maker that’s seeking a buyer, a person familiar with the matter said Thursday. Gardner Denver's shares jumped in aftermarket trading.

The New York-based buyout firm offered $75 a share, according to the person, who asked not to be named, as the process is private. Gardner Denver said in October that it was working with Goldman Sachs Group Inc. on finding suitors.

KKR’s offer comes after two bidders walked away from the process because Wayne, Pennsylvania-based Gardner Denver was slow to assist them with due diligence, people with knowledge of the matter said Wednesday. A joint offer by Onex Corp. and TPG Capital and a separate proposal from Advent International Corp. were withdrawn in part because the firms wanted more information and more time to study the company than management would allow, said one of the people.

Gardner Denver shares rose 5.2 percent to $71 in after-hours trading, after closing at $67.47 in New York.

Vikram Kini, a spokesman for Gardner Denver, didn’t immediately return a phone message seeking comment on KKR’s bid.

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KKR & Co. offered about $3.68 billion for Gardner Denver Inc., the industrial equipment maker that's seeking a buyer, a person familiar with the matter said Thursday. Gardner Denver's shares jumped in aftermarket trading.
KKR,Offer,Gardner,Denver
186
2013-26-21
Thursday, 21 Feb 2013 05:26 PM
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