UPDATE: Gardner Denver (GDI), SPX Corp (SPW) End Talks; PE May Still Be in Picture
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(Updated - December 21, 2012 3:26 PM EST)
Gardner Denver, Inc. (NYSE: GDI) said to end talks with SPX (NYSE: SPW), private equity talks to resume.
UPDATE - Reuters reports that SPX management came under shareholder pressure, with a few large holders questioning the rationale and price behind the deal.
Gardner Denver's board also met earlier in the week and had "concerns" about the amount of stock in the deal.
Reports last week had the deal at about $80 per share, or total transaction value of $4 billion. The number was notched up to $85 per share earlier this week.
Gardner Denver is down 10.4 percent today following the news, while SPX is up 1 percent after being negative most of the session.
Gardner Denver, Inc. (NYSE: GDI) said to end talks with SPX (NYSE: SPW), private equity talks to resume.
UPDATE - Reuters reports that SPX management came under shareholder pressure, with a few large holders questioning the rationale and price behind the deal.
Gardner Denver's board also met earlier in the week and had "concerns" about the amount of stock in the deal.
Reports last week had the deal at about $80 per share, or total transaction value of $4 billion. The number was notched up to $85 per share earlier this week.
Gardner Denver is down 10.4 percent today following the news, while SPX is up 1 percent after being negative most of the session.
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