Gardner Denver Bought for $3.74 Billion

One of my Watch List stocks, Gardner Denver ($GDI), is being bought out for $3.74 billion. KKR is offering $76 per share for the industrial machinery maker, which is only 3% above yesterday’s closing price.

In December, SPX Corp. ($SPW) considered buying GDI for $85 per share but its shareholders shot down the idea. GDI was trading at $54.71 in October when it said it was looking for a buyer. I had even considered adding GDI to this year’s Buy List but the price spike after the October announcement gave me pause. Still, I think KKR is getting a very good deal for GDI.

The stock is up to $74.70 so there must be a little skepticism that the deal will go through.


Posted by on March 8th, 2013 at 1:38 pm

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