Gardner Denver Inc. (GDI) announced Friday that it agreed to be acquired by Kohlberg Kravis Roberts & Co. L.P. for about $3.9 billion, including the assumption of debt.
As per 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 about 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.
Gardner Denver said its board unanimously approved the merger agreement and recommended that Gardner Denver shareholders vote in favor of the transaction. The transaction is currently expected to close in the third quarter of 2013.
"We anticipate this transaction will create opportunities to accelerate the operating initiatives already underway and we are confident that it will also be beneficial for our employees, customers and all other stakeholders," said Michael Larsen, Gardner Denver's President and Chief Executive Officer.
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