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Thursday, February 21, 2013

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

Private equity firm KKR & Co LP has submitted an offer of $75 per share for Gardner Denver Inc, valuing the industrial machinery maker at close to $3.7 billion, two people familiar with the matter said on Thursday.The offer, submitted late on Thursday to meet a 1700 Eastern Time deadline, puts KKR in the pole position to purchase the Wayne, Pennsylvania-based company, after sources told Reuters that other private equity bidders have abandoned the process.KKR is the only private equity firm that has secured committed financing from banks for making the bid, the people said. Advent International and the team of TPG Capital and Onex Corp, which had earlier considered a bid, are no longer involved, one of the people said.The people requested anonymity because details of the sale process are confidential. Gardner Denver and KKR declined to comment. TPG, Onex and Advent did not immediately respond to requests for comment.

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 2640686.