Gardner Denver agrees to $3.73B sale

  • March 8, 2013

WAYNE (AP) — The industrial pump maker Gardner Denver Inc. has agreed to sell itself to Kohlberg Kravis Roberts & Co. for about $3.73 billion.

Under the terms of the agreement, the New York-based investment firm will acquire the Wayne, Pa.-based for $76 per share.

That represents a 3 percent premium over the company’s Thursday closing stock price and a 39 percent premium over its closing stock price on Oct. 24, the day before it announced it was exploring a possible sale.

The companies valued the deal at $3.9 billion including the assumption of debt.

The deal has been approved by Gardner Denver’s board, but remains subject to shareholder and regulatory approvals. It’s expected to close in the third quarter.

Gardner Denver shares rose about 1 percent in premarket trading.


blog comments powered by Disqus

Mylan announces plans for low-cost AIDS treatment

Construction spending rises to highest level in 8 years

Factory activity drops in Nov.; first decline in 3 years

GM, Fiat Chrysler sales up in November, but Ford was flat

Cyber Monday sales still on top, but losing some luster

Fed moves to bar bailouts of failing firms

Pending homes sales edge up in October

PA Mug Co. owner moves to new studio space in Waynesburg

On the money: Making sure green home upgrades pay off

Dakota city that grew on fracking reaching out for more retail