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Thursday, February 21, 2013

KKR makes $3.7 billion bid for Gardner Denver -source, (NYSE: GDI)

Private equity firm KKR & Co LP has submitted an offer of $75 per share for Gardner Denver Inc, a person familiar with the matter said on Thursday, valuing the industrial machinery maker at close to $3.7 billion. The offer, submitted late on Thursday to meet a 1700 Eastern Time deadline, puts KKR in lead position to purchase the Wayne, Pennsylvania-based company, after people familiar with the matter told Reuters last week that other private equity bidders were abandoning the process.The person requested anonymity because details of the sale process are confidential. Gardner Denver and KKR declined to comment.Gardner Denver shares closed at $67.47 on Thursday, giving it a market value of just over $3.3 billion.Bloomberg News reported on KKR's bid earlier on Thursday.

Gardner Denver, Inc. (Gardner Denver) designs, manufactures and markets engineered industrial machinery and related parts and services. Shares of GDI traded higher by 1.34% or $0.89/share to $67.47. In the past year, the shares have traded as low as $45.54 and as high as $76.57. On average, 1096810 shares of GDI exchange hands on a given day and today's volume is recorded at 2573979.