Industrial machinery maker Gardner Denver Inc agreed to sell itself to private equity firm KKR & Co LP for $3.74 billion after the takeover firm raised its offer.The deal follows several months of a hot and cold auction process that initially drew interest from diversified manufacturer SPX Corp and other private equity firms but left KKR as the only bidder at the end.KKR will pay $76 for each Gardner Denver share, sweetening its so-called final offer of $75 per share and representing a 39 percent premium to the company's stock price on Oct. 24, the day before Reuters broke the news of a potential sale.Shares of Gardner Denver rose 1 percent to $74.70 on the New York Stock Exchange on Friday, suggesting investors do not expect a higher bid.
Gardner Denver, Inc. (Gardner Denver) designs, manufactures and markets engineered industrial machinery and related parts and services. Shares of GDI traded higher by 1.21% or $0.89/share to $74.74. In the past year, the shares have traded as low as $45.54 and as high as $76.57. On average, 1336840 shares of GDI exchange hands on a given day and today's volume is recorded at 18889444.
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