2 years, 1 month ago by Bob Gough
Company stock would be sold for $85 a share
Industrial machinery maker SPX Corp is closing in on a roughly $4.2 billion deal to buy rival Gardner Denver Inc, as it makes progress in securing financing, a source familiar with the matter said on Tuesday.
A deal could value Wayne, Pennsylvania-based Gardner Denver at about $85 per share, the source said. Gardner Denver's shares closed at $73.68 on Tuesday. SPX has a market value of $3.23 billion, compared to $3.62 billion for Gardner Denver.