Gardner Denver shares up on possible bid
KKR reported to bid for Gardner Denver, shares up after hours
Shares of Gardner Denver Inc. jumped in after-hours trading Thursday on a report that KKR & Co. had made a bid for the industrial pumps manufacturer.
THE SPARK: The Wall Street Journal and Bloomberg News reported that KKR has made a $75 per share bid for the company, citing an unnamed source familiar with the matter. Gardner Denver declined to comment and a spokesperson for KKR could not immediately be reached for comment.
THE BIG PICTURE: The Journal report says that private-equity firm KKR appeared to be the only suitor getting in a bid ahead of a Thursday deadline for offers. Other firms, including TPG, Onex Corp. and CCMP Capital Advisors, were also interested in Gardner Denver.
Gardner Denver, based in Wayne, Pa., just appointed a new president and CEO in November. Michael Larsen, former vice president and chief financial officer of the company, had been interim CEO since July.
SHARE ACTION: The company's shares rose $3.58, or 5.3 percent, to $71.05 in after-hours trading. The stock was up 89 cents to close regular trading at $67.47.
