Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, March 4, 2013

KKR close to buying Gardner Denver -sources, (NYSE: GDI)

Private equity firm KKR & Co LP is nearing a deal to purchase industrial machinery maker Gardner Denver Inc and could announce the agreement in the next few days, two people familiar with the matter said on Monday. The two parties have been negotiating a final deal price and other last-minute details over the past week, after KKR bid $75 per share, or nearly $3.7 billion, for Gardner Denver, on Feb. 21, the people said.The final price could not be learned, but Gardner Denver's board sought a higher price from the takeover firm, the people familiar with the matter said.Negotiations are continuing and could still fall apart, said the people, who asked not to be named because the matter is not public. Representatives for KKR declined to comment. Gardner Denver could not be immediately reached 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 3.6% or $2.56/share to $73.59. In the past year, the shares have traded as low as $45.54 and as high as $76.57. On average, 1238730 shares of GDI exchange hands on a given day and today's volume is recorded at 1567696.