Gardner Denver shareholders approve sale to KKR

Shareholders of industrial equipment maker Gardner Denver approve $3.7 billion sale to KKR

Associated Press

NEW YORK (AP) -- Shareholders of Gardner Denver Inc. voted Tuesday to approve a $3.7 billion sale of the maker of industrial equipment to buyout firm Kohlberg Kravis Roberts & Co.

Gardner Denver said about 97 percent of shares were voted in favor of the sale.

KKR will pay $76 per share in cash for Gardner Denver, which listed 49.2 million shares in a recent regulatory filing. The companies agreed on terms and announced the proposed sale in March.

The deal is expected to close in late July or early August.

Gardner Denver disclosed in October 2012 that it was exploring alternatives including a sale. It discussed a deal with rival SPX Corp., but SPX dropped out of bidding.

Gardner Denver, based in Wayne, Pa., makes air compressors and industrial pumps. The company had 2012 net income of $263.3 million on revenue of $2.36 billion.

Its first-quarter earnings fell 17 percent as revenue dipped.

Gardner Denver shares closed unchanged at $75.90, and KKR shares fell 46 cents, or 2.2 percent, to $20.07.

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