NYSE:GDI Stockholder Alert: Investigation of Buyout of Gardner Denver, Inc.
The Shareholders Foundation announces that an investigation the disclosure that Gardner Denver, Inc. agreed to a takeover by Kravis Roberts & Co. L.P. at $76.00 pershare prompted an investigation concerning whether the takeover process and the offered price are unfair to NYSE:GDI stockholders.
Wayne, PA based Gardner Denver, Inc. designs, manufactures and markets engineered industrial machinery and related parts and services. On March 8, 2103, Gardner Denver, Inc. and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates) announced that the companies have entered into a merger agreement in a transaction valued at approximately $3.9 billion, including the assumption of debt.
The investigation by a law firm concerns whether certain officers and directors of Gardner Denver, Inc. breached their fiduciary duties owed to NYSE:GDI investors in connection with the proposed acquisition.
Investors who purchased shares of the Gardner Denver, Inc. (NYSE:GDI) and currently hold any of those shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
Under the terms of the merger agreement, Kravis Roberts & Co. L.P. will acquire all of the outstanding shares of Gardner Denver common stock for $76 per share in cash. Gardner Denver said that the offer represents a premium of approximately 39 percent to Gardner Denver’s share price on October 24, 2012, the day before the Company confirmed that it had begun to explore strategic alternatives.
However, given that at least one analyst has set the high target price for NYSE:GDI shares at $80.00 per shares and that NYSE:GDI shares traded in July 2011 as high as $91.50 per share, the investigation a law firm concerns whether the Gardner Denver Board of Directors undertook an adequate sales process, adequately shopped the company before entering into any transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
Gardner Denver, Inc. reported that its annual Total Revenue rose from over $1.77 billion in 2009 to over $2.37 billion in 2011 and its Net Loss of $165.19 million in 2009 turned into a Net Income of $277.56 million in 2011.
Shares of Gardner Denver, Inc. grew from as low as $18.10 per share in March 2009 to as high as $91.50 per share in July 2011.
Those who are current investors in Gardner Denver, Inc. (NYSE:GDI) and purchased their Gardner Denver shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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