Wednesday, Apr 23, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

yesqcy - Quincy City Budget hearings and Council meeting - Quincy, IL News - QuincyJournal.com
I'm sorry, I just coventry haven't seen it, and I'm talking about the private sector. Heck fast food joints have given raises, min wage has increased, all my friend at blessing hospital and the medical group have given raises. I'm sorry, I just don't know what circle of people you're running with. And they've all without exception received more than 1%. The wage correction…
pjohnf - Quinn: New controls after Medicaid paid for dead - Quincy, IL News - QuincyJournal.com
Why is it with government bureaucrats that they always say they're going to close the barn door after the horse has left the barn? Millions in fraudulent payouts and now they find out. Only goes to prove once again that government is not the solution but government is truly the problem.
pjohnf - Rauner details some immigration views - Quincy, IL News - QuincyJournal.com
Anti-illegal immigration is not anti-legal immigration and Quinn knows it. It's disappointing that Rauner would side with the illegal immigration/amnesty crowd. It's insane and wrong to reward illegal behavior, illegal immigration, with any pathway to citizenship. Big business wants cheap labor and democrats want a new dependent class of voters and that's why both support immigration…
Righty1 - Quincy City Budget hearings and Council meeting - Quincy, IL News - QuincyJournal.com
I have a question for you yesqcy. How many payroll checks have you written?
ONCEMORE1 - Quincy City Budget hearings and Council meeting - Quincy, IL News - QuincyJournal.com
Tell that to people (Private Sector, of course) who have taken pay CUTS, shortened hours or loss of benefits just to remain employed. Somehow, I feel your comments come more from attitude and opinion than knowledge and experience.

Most Popular

Woman arrested after police find abandoned child

Adams Co. Divorces for April, 18 2014

Aldermen approve transit and fire contracts Updated Video

Firefighters and Bus Drivers contracts to go to City Council

Traffic stopped on Bayview Bridge after car crash

Fowler man arrested for meth possession

New Quincy trash system estimated to begin in January 2015

REBEL MEDIA: Yes, Peoria mayor DID sic police on Tweeter Video

KKR reaches deal to buy Gardner Denver

KKR reaches deal to buy Gardner Denver

1 year, 1 month ago by Bob Gough

Private-equity firm buys company founded in Quincy for $76 a share; Deal expected to close in in the 3rd quarter of 2013

UPDATED

From Reuters:

Private equity firm KKR & Co LP (KKR.N) will buy industrial machinery maker Gardner Denver Inc (GDI.N) for $3.74 billion, four months after the company put itself up for sale.

KKR's offer of $76 per share is at a premium of 3 percent to Gardner Denver's Thursday closing price on the New York Stock Exchange. It is 39 percent above what the stock traded at in late October when the company said it was exploring a sale.

Gardner Denver, which makes compressors, pumps and vacuum products for industrial uses, decided to put itself up for sale following months of pressure from activist investor ValueAct Capital LLC, which reported a roughly 5 percent stake in July 2012.

From quincyjournal.com: Gardner Denver CEO Michael Larsen sent an e-mail to Gardner Denver's 6,400 employees this morning. Here is part of it:

"We are excited about this transaction with KKR as it recognizes the value of the highly respected brand that together we have spent so many years
building, as well as the progress we have made executing our dynamic growth strategy.  We are confident that as a private company, we will be
well-equipped to capitalize on opportunities in the recovering global markets, particularly in energy, and favorable long-term industry trends.
KKR has great respect for our company, shares our confidence in our future and is committed to continuing the Gardner Denver Way.  KKR also recognizes the importance of our employees and your engagement in the business as critical success factors.  This transaction with KKR will offer Gardner Denver employees the opportunity to be part of an experienced, robust organization with the depth of expertise that is required to sustain
success and remain on the cutting edge of our sector."


Click here for more.

Reported Thursday night From wsj.com:

KKR  & Co. has reached a deal to buy industrial-pumps manufacturer Gardner Denver Inc. for $76 a share, said a person familiar with the matter.

The New York private-equity firm and Gardner Denver are expected to make the announcement as soon as Friday, the person said.

The deal values Gardner Denver at roughly $3.74 billion. Its shares closed at $73.85 in 4 p.m. composite trading Thursday on the New York Stock Exchange, giving the company a market capitalization of about $3.63 billion.

KKR's board was meeting late Thursday night to approve the deal, the person said.

KKR had bid $75 a share for the Wayne, Pa.-based company in February and increased the offer after Gardner Denver sought a higher price.

Click here for more.


From the Newsroom

Bob Gough on Twitter

Bob Gough 1 hour, 8 minutes ago

Bob Gough on Twitter

Bob Gough 1 hour, 19 minutes ago

RT @korkedbats: BREAKING: Frank Haith Leaves Tulsa For Binghamton Job - Read the full story here: http://t.co/6ir2MmTTF6 http://t.co/Rpw6GN…
QuincyJournal on Twitter

QuincyJournal 1 hour, 32 minutes ago

IHSA to elminate full contact summer football practice - QND also appears before the IHSA to discuss Success Facto... http://t.co/gZngddXcB9
Bob Gough on Twitter

Bob Gough 2 hours ago

@ChrisDuerr I'd be fine with that.