Gardner Denver Shareholders Approve Acquisition by KKR
Earlier this month, Gardner Denver shareholders voted overwhelmingly to approve the proposed merger agreement with Kohlberg Kravis Roberts & Co. L.P. (KKR). This special meeting followed a months-long review process by the Gardner Denver Board of Directors, including a comprehensive sale process leaving up to the transaction with KKR.
Gardner Denver is a global manufacturer of highly engineered products, including industrial compressors, blowers, pumps, loading arms and fuel systems. KKR, based in New York, is a multinational private equity firm specializing in leveraged buyouts.
The merger, valued at approximately $3.9 billion, includes the assumption of debt and was approved by 97% of shares voting at et special meeting. Shareholders will receive $76 per share in cash from KKR of shares owned at the time of the merger. This price represents a premium of approximately 39% to Gardner Denver’s share price on October 24, 2012, the day before the company announced it had begun seeking strategic alternatives. Both companies expect the merger to be completed in the third quarter of 2013.
Source: Gardner Denver