KKR makes $3.7 billion bid for Gardner Denver: sources
2 months, 4 weeks ago
Private equity firm has submitted an offer of $75 per share; Gardner Denver stock closed at $67.47 on Thursday
(Reuters) - Private equity firm KKR & Co LP (KKR.N) has submitted an offer of $75 per share for Gardner Denver Inc (GDI.N), valuing the industrial machinery maker at close to $3.7 billion, two people familiar with the matter said on Thursday.
The offer, submitted late on Thursday to meet a 1700 Eastern Time deadline, puts KKR in the pole position to buy the Wayne, Pennsylvania-based company, after sources told Reuters that other private equity bidders have abandoned the process.
KKR is the only private equity firm that has secured committed financing from banks for making the bid, the people said. Advent International and the team of TPG Capital and Onex Corp (OCX.TO), which had earlier considered a bid, are no longer involved, one of the people said.