June 29 Gardner Denver has agreed to pay $29 million to its former shareholders to settle allegations that the industrial pumps producer was undervalued in its $3.7 billion sale to private equity firm KKR & Co last year, according to the Wall Street Journal.
The settlement was filed Friday in a Delaware court and must still be approved by a judge, the paper said in its online edition late on Saturday.
Shareholders sued Gardner Denver, its board and KKR, saying that the sale price was too low.
Such suits are typical following a merger and acquisition deal, but most of them are dismissed or settle for no additional money, the Wall Street Journal said. (Reporting by Richard Leong; Editing by Greg Mahlich)