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Gardner Denver downgraded ahead of takeover bid deadline

Today is the deadline for bids to be submitted for industrial machinery maker Gardner Denver (GDI), according to multiple news sources, and the stock is falling slightly in mid-morning trading. Two potential acquirers have decided not to bid for the machinery maker, Bloomberg reported, citing unnamed sources. Advent International has withdrawn its bid, and Onex Corp. and TPG Capital, which were going to submit a joint bid, have also decided not to pursue the acquisition, the news service reported. Private equity firm KKR & CO (KKR), however, is still considering submitting a bid, Bloomberg quoted an unnamed source as saying. In a note to investors earlier today, Maxim Group analyst William Bremer downgraded Gardner Denver to Hold from Buy. The analyst wrote that he has also heard that KKR is still weighing a bid. However, he warned that the deal may not close, given the state of the company's end markets and its inability to complete the transaction sooner. Bremer recommends that investors avoid owning the stock in the near-term, as he believes that it could drop significantly should a takeover of the company not pan out. In mid-morning trading, Gardner Denver lost 0.70% to $66.12.