WAYNE, Pa. (AP) ? Industrial pump maker Gardner Denver said Friday that it has agreed to sell itself to Kohlberg Kravis Roberts & Co. for about $3.73 billion.
Under the terms of the agreement, the New York-based private equity firm will acquire the Wayne, Pa.-based company for $76 per share.
That represents a 3 percent premium over the company's Thursday closing stock price and a 39 percent premium over its closing stock price on Oct. 24, the day before it announced it was exploring a possible sale.
The companies valued the deal at $3.9 billion including the assumption of debt.
Gardner Denver said in October that it would be reviewing its "strategic options," which generally include a sale of all or part of a company. That came after the company's August announcement that it would restructure its business to improve its profitability by consolidating manufacturing facilities and cutting staff.
In recent weeks, Gardner Denver shares have jumped on media reports that KKR had made a bid for the company.
The deal has been approved by Gardner Denver's board, but remains subject to shareholder and regulatory approvals. It's expected to close in the third quarter.
Shares of Gardner Denver Inc. rose 86 cents to $74.71 in morning trading Friday.
Associated Pressll cool j Presidents Day 2013 2013 Grammys kelly clarkson Lumineers The Lumineers grammys
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.