Private Equity Might Get Second Shot at Gardner Denver (GDI) Bid

January 8, 2013 3:47 PM EST
Gardner Denver (NYSE: GDI) shares are pulling back after ripping higher on reports that the firm is back at it again with merger talks.

Bloomberg is reporting Tuesday afternoon that Gardner Denver and private equity firms might be back in discussions after previous talks with SPX Corp (NYSE: SPW) ended in December.

Firms like KKR & Co., Onex Corp, TPG Capital, and Advent International will meet with Gardner Denver next week, though nothing formal has been announced.

Gardner Denver currently has a market cap of about $3.3 billion. Previous headlines had SPX potentially looking to bid about $85 per share, giving Gardner Denver a market cap of $4 billion or so. Previous private equity bids were said to come in somewhere between $73 and $75 per share.

Shares of Gardner Denver are down 0.2 percent to about $68.50 today, making that $73 to $75 range look a little bit better.

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