Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Gardner Denver Inc. (“Gardner Denver”) (NYSE: GDI) concerning the proposed acquisition of Gardner Denver by private equity firm Kohlberg Kravis Roberts & Co. (“KKR”) (NYSE: KKR).
On March 8, 2013, Gardner Denver announced that it had entered into a definitive merger agreement to be acquired by KKR in a transaction valued at $3.9 billion. Under the terms of the merger agreement, Gardner Denver shareholders will receive $76.00 per share of Gardner Denver common stock owned. However, the proposed deal provides Gardner Denver shareholders with a premium of only 3 percent to Gardner Denver’s closing price of $73.85 per share on March 7, 2013, the day before the deal was announced. In addition, Garden Denver common stock traded at above the offer price as recently as December 10, 2012, when it traded at $76.54 per share.
Gardner Denver’s Board of Directors has unanimously approved the deal, which is expected to close during the third quarter of 2013.
Newman Ferrara LLP’s investigation concerns whether Gardner Denver’s Board of Directors has breached its fiduciary duties to act in the best interests of Gardner Denver’s shareholders and to take all necessary steps to ensure that Gardner Denver’s shareholders receive the maximum value readily available for their shares of Gardner Denver common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or
to discuss this investigation, their rights, or potential remedies.
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