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Gardner Denver Shareholders Approve KKR Takeover

By Eric Volkman - Jul 16, 2013 at 9:36PM

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The company will change hands for $76 per share.

It's official -- Gardner Denver (IR -0.90%) will soon be owned by KKR. The former company announced that around 97% of its shareholders assented to the buyout in an official vote.

This past March, Gardner Denver agreed to sell itself to the storied buyout boutique for $76 per share. That engendered a degree of controversy from Wall Street, as some valuations put the company's value much higher. Thomson Reuters StarMine unit pegged it at nearly $85.50.

That $76-per-share price values the company at around $3.9 billion. Current Gardner Denver shareholders will receive that amount in cash in exchange for their stock. The transaction is expected to be completed later this month or in August.

At the moment, Gardner Denver has roughly 49.2 million shares outstanding. Its stock most recently closed at $75.90.

Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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