KKR & Co said to table $3.7-bn bid for US industrial machinery maker Gardner Denver
22 February 2013
Private equity firm KKR & Co has tabled a $3.7-billion bid for US industrial machinery maker Gardner Denver Inc, Bloomberg yesterday reported, citing two people familiar with the matter.
KKR has offered about $75 a share, which would represent an 11 per cent premium to Gardner Denver's yesterday closing price.
In October 2012 Pennsylvania-based Gardner had said that it was ''exploring strategic alternatives to enhance shareholder value. These alternatives could include, among other things, enhancing the company's existing strategic plan or a possible sale or merger of the company.'' (See: US industrial machinery maker Gardner Denver explores sell-off)
It then hired Goldman Sachs to conduct a sale process, with speculation that interested bidders could be TPG Capital, Onex Corp, Advent International, KKR, Blackstone Group and Bain Capital.
The $75 a share offer was submitted late yesterday to meet a 1700 Eastern Time deadline, but came after Onex Corp-TPG Capital team and Advent International backed out in part because Gardner Denver was slow to assist them with due diligence, the report said.
Other suitors for Gardner Denver included private-equity firms CCMP Capital Advisors, Bain Capital and Blackstone Group, Bloomberg said.