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Friday, February 22, 2013

Gardner Denver's board to consider KKR offer on Monday -source, (NYSE: GDI)

The board of Gardner Denver Inc plans to meet on Monday to review private equity firm KKR & Co LP's $3.7 billion offer for the industrial machinery maker, a person familiar with the matter said on Friday. Several of Gardner Denver's top shareholders, including ValueAct Holdings LP, have indicated to the company's management that they would support KKR's $75 per share offer, which was submitted on Thursday, the person said.Wayne, Pennsylvania-based Gardner Denver and ValueAct did not immediately respond to a request for comment. KKR declined to comment.Earlier on Friday, Gardner Denver forecast 2013 results below analysts' expectations as demand for its engineered products such as petroleum and industrial pumps remained weak.

Gardner Denver, Inc. (Gardner Denver) designs, manufactures and markets engineered industrial machinery and related parts and services. Shares of GDI traded higher by 5.59% or $3.77/share to $71.24. In the past year, the shares have traded as low as $45.54 and as high as $76.57. On average, 1135930 shares of GDI exchange hands on a given day and today's volume is recorded at 2402069.