KKR Reaches Deal to Buy Gardner Denver
By: Staff
Updated: March 9, 2013
The private equity firm KKR has reached an agreement to buy
industrial machinery maker Gardner Denver Inc for $3.9 billion.
Gardner Denver is the parent company of Thomas Industries which owns a plant in Monroe.
Gardner Denver now employs more than 270 workers at the plant.
The city of Monroe, along with the state came up with $20 million in incentives to help keep Gardner Denver in Monroe.
Under the terms of the merger agreement, KKR will acquire all of the outstanding shares of Gardner Denver common stock for $76 per share in cash.
This price represents a premium of approximately 39 percent to Gardner Denver's share price on October 24, 2012, the day before the Company confirmed that it had begun to explore strategic alternatives.
The merger is subject to approval from Gardner Denver's shareholders, regulatory approvals and other customary closing conditions.
The Board of Directors of Gardner Denver unanimously approved the merger agreement and recommends that Gardner Denver shareholders vote in favor of the transaction.
The transaction is currently expected to close in the third quarter of 2013.
Gardner Denver is the parent company of Thomas Industries which owns a plant in Monroe.
Gardner Denver now employs more than 270 workers at the plant.
The city of Monroe, along with the state came up with $20 million in incentives to help keep Gardner Denver in Monroe.
Under the terms of the merger agreement, KKR will acquire all of the outstanding shares of Gardner Denver common stock for $76 per share in cash.
This price represents a premium of approximately 39 percent to Gardner Denver's share price on October 24, 2012, the day before the Company confirmed that it had begun to explore strategic alternatives.
The merger is subject to approval from Gardner Denver's shareholders, regulatory approvals and other customary closing conditions.
The Board of Directors of Gardner Denver unanimously approved the merger agreement and recommends that Gardner Denver shareholders vote in favor of the transaction.
The transaction is currently expected to close in the third quarter of 2013.
