SPX Corp outbids private equity consortium for Gardner Denver: report

Industrial machinery maker SPX Corp has outbid private equity firms by offering to pay more than $4 billion for its rival Gardner Denver Inc, Reuters yesterday reported, citing two people familiar with the matter.

Private equity firms Advent International, KKR & Co, and a consortium of TPG Capital and Onex Corp had tabled in the mid-to-high $70s per share cash offer, but SPX has topped those bids by offering substantially more, the report said.

The offer values Gardner Denver between $3.6 billion and $3.9 billion.

The report added that since the offer by SPX was way higher, Gardner Denver scrapped meetings with the private equity consortium set for this week and instead, initiated talks with SPX with the aim of finalising a deal before the end of the year.

Founded in 1859, Wayne, Pennsylvania-based Gardner Denver is a global manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.

The company has 40 manufacturing facilities located in the Americas, EMEA and Asia Pacific and offices in 33 countries.