ValueAct Capital Supports Sale Of Gardner Denver
SAN FRANCISCO, Feb. 22, 2013
SAN FRANCISCO, Feb. 22,2013 /PRNewswire/ -- ValueAct Capital, holder of 5.1%
of the common shares of Gardner Denver, Inc. ("Gardner Denver" or the
"Company"), announced today that it supports a sale of the Company to KKR & Co
LP for $75 per share in cash. A $75 per share offer represents a 44% premium
to the stock price as of July 26^th, the date of ValueAct Capital's letter to
the Board encouraging a sale of the Company.
"ValueAct Capital is pleased to learn that the management and Board of
Directors of Gardner Denver have likely secured for their shareholders an
all-cash offer of $75 per share," stated Greg Spivy, a Partner at ValueAct
Capital. "In our view, this offer should be considered a successful
culmination of Gardner Denver's sale process and a wonderful result for all
shareholders. We strongly encourage the Board to accept this offer."
The offer implies a forward multiple of over 9x EBITDA, which is consistent
with recent transactions in the industry. "The Board and management of the
Company should be applauded for their efforts in positioning the Company to
deliver this value in cash to all its shareholders," Spivy added.
About ValueAct Capital
ValueActCapital®, with more than $10.0billion in investments and offices in
SanFrancisco and Boston, seeks to make investments in a limited number of
companies. The Principals have demonstrated expertise in sourcing investments
in companies they believe to be fundamentally undervalued, and then working
with management and the company's board to implement strategies that generate
superior returns on invested capital. ValueActCapital concentrates primarily
on acquiring significant ownership stakes in publicly traded companies through
both open-market purchases and negotiated transactions.
SOURCE ValueAct Capital
Contact: George F. Hamel, Jr., +1-415-362-3700
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