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News Summary: Gardner Denver agrees to $3.73B sale

The Associated Press

THE DEAL: Industrial pump maker Gardner Denver Inc. has agreed to sell itself to Kohlberg Kravis Roberts & Co. for about $3.73 billion. The New York-based investment firm will acquire the Wayne, Pa.-based company for $76 per share.

HEFTY PREMIUM: The price represents a 39 percent premium over Gardner Denver's closing stock price on Oct. 24, the day before it announced it was exploring a possible sale.

WHAT'S NEXT: The deal remains subject to shareholder and regulatory approvals. It's expected to close in the third quarter.