ValueAct Capital Supports Sale Of Gardner Denver

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Feb 22, 2013, 01:45 ET

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

ValueAct Capital®, with more than $10.0 billion in investments and offices in San Francisco 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. ValueAct Capital concentrates primarily on acquiring significant ownership stakes in publicly traded companies through both open-market purchases and negotiated transactions.

SOURCE ValueAct Capital