Gardner Denver Inc announced July 16 that shareholders voted overwhelmingly to approve the proposed definitive merger agreement with Kohlberg Kravis Roberts & Co LP. Approximately 97% of the shares voting at the July 16 special meeting voted in favor of the adoption of the merger agreement.
The transaction follows a months-long review by the Gardner Denver board of directors, including a comprehensive sale process leading up to the transaction with KKR. Upon completion of the merger--valued at approximately $3.9 billion--Gardner Denver shareholders will receive $76 per share in cash from KKR for each share of Gardner Denver common stock they own as of the effective time of the merger.
The companies expect the merger to be completed in late July or early August 2013, following the satisfaction or waiver of all conditions to the merger.