Saturday, Aug 23, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

whiner1 - Ferguson police officer was badly beaten before shooting Michael Brown - Quincy, IL News - QuincyJou
Thank you for a well thought out explanation of the plight of the black man in America.
whiner1 - Ferguson police officer was badly beaten before shooting Michael Brown - Quincy, IL News - QuincyJou
Just one more racist know-it all. So sad.
LNeck2012 - City of Quincy looking to buy new garbage and recycle fleet - Quincy, IL News - QuincyJournal.com
Incorrect. They are to lead based on what their constituents want.
UrKidsWillPay - QND sees slight enrollment dip - Quincy, IL News - QuincyJournal.com
As the parent of QND grads and a QND alum myself and the parent of current QHS students, I can say that the biggest advantage that QND supplies to its graduates is the intangible "cache" attached to a private school education. College admissions and job recruiters look at and react to the private school education differently than they do to a public school education. This is not without good reason…
MountainMan - City of Quincy looking to buy new garbage and recycle fleet - Quincy, IL News - QuincyJournal.com
It seems pretty obvious his point was, business "A" trying to make a living is interfering with the city of Quincy to do a cheaper job so to make things "fair" we will just make it illegal to do business with anyone other than us. Seems kind of tyrannical in a way, which to me goes against the principals of the constitution.

Most Popular

Ferguson police officer was badly beaten before shooting Michael Brown

Liberty woman dies in early morning crash

Adams Co. Divorces for August 16, 2014

Driver in fatal Liberty crash now facing charges Updated

Six Quincy property owners face deadline

QPD no longer looking for missing Quincy man Updated

Brown departing as executive director of The District

Quincy rated as sixth most affordable city in Illinois

KKR reaches deal to buy Gardner Denver

KKR reaches deal to buy Gardner Denver

1 year, 5 months 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 9 hours, 59 minutes ago

RT @dhiggins63: Obama partied during, before and after the beheading of an American-citizen... Never had a POTUS more lacking in #Compassio…
QuincyJournal on Twitter

QuincyJournal 10 hours, 39 minutes ago

Adams Co. Jail committee begins exploratory process - Newly-formed committee wants to inform the public about the ... http://t.co/3FkjZerFJp
Bob Gough on Twitter

Bob Gough 10 hours, 46 minutes ago

RT @OU_Football: University of Oklahoma Statement on Dorial Green-Beckham Ruling by NCAA http://t.co/U2cfG4Fk9c
Bob Gough on Twitter

Bob Gough 10 hours, 48 minutes ago

RT @BruceFeldmanCFB: NCAA has denied Dorial Green-Beckham's appeal for immediate eligibility at #OU. #Mizzou