Gardner Denver Inc has asked private equity bidders to submit final offers for the industrial machinery maker by mid-February, three people familiar with the matter said on Thursday. Buyout firms Advent International Corp, KKR & Co LP, and the partnership of TPG Capital Management LP and Onex Corp have been weighing final offers after meeting with Gardner Denver's management in the past few weeks, the people said.The management meetings with private equity bidders took place after Gardner Denver ended exclusive discussions in late December with industry rival SPX Corp, said the people, who asked not to be identified because details of the process are not public.Gardner Denver and Onex did not immediately respond to requests for comment. Advent, KKR and TPG declined to comment.Wayne, Pennsylvania-based Gardner Denver, which makes compressors, pumps and vacuum products for industrial uses, said on Oct. 25 that it was pursuing strategic alternatives including a potential sale, confirming a Reuters report earlier in the day.
Gardner Denver, Inc. (Gardner Denver) designs, manufactures and markets engineered industrial machinery and related parts and services. Shares of GDI fell by 0.41% or $-0.29/share to $70.34. In the past year, the shares have traded as low as $45.54 and as high as $80.23. On average, 976268 shares of GDI exchange hands on a given day and today's volume is recorded at 434431.
Source
