Industrial machinery manufacturer SPX Corp.'s (SPW) bid for
Gardner Denver Inc. (GDI) has topped $4 billion, outbidding private
equity suitors by a wide margin, the Reuters news agency said
Wednesday on its website, citing two unnamed people familiar with
the matter.
Private equity companies Advent International, KKR & Co LP
(KKR), and a consortium of TPG Capital Management LP and Onex Corp.
(ONEXF) made all-cash offers in the mid-to-high $70s per share
range, the people were quoted as saying in the report.
Gardner Denver canceled management meetings with private equity
bidders that were initially set for this week and didn't seek
second round offers after receiving SPX's offer, the people said in
the report.
SPX, KKR, Advent and TPG declined to comment while Onex and
Gardner Denver didn't immediately respond to requests for comment,
the report said.
Full Story:
http://www.reuters.com/article/2012/12/12/gardnerdenver-spx-idUSL1E8NCCQG20121212
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