NEW YORK Feb 11 Gardner Denver Inc is
considering leveraged recapitalization as an alternative, as
efforts to sell itself to private equity snag over price and the
business outlook sags for the industrial machinery maker, people
familiar with the matter said on Monday.
Buyout firm KKR Co & LP is preparing to submit a
final takeover offer for Gardner Denver by the deadline of Feb.
21, but a few other private equity bidders have either dropped
out or are no longer seriously pursuing a deal, the people said.
Buyout firm Advent International has put its pencils down,
while the partnership of TPG Capital Management and
Onex Corp has not done enough due diligence that would
allow it to make a final offer next week, the people said.
With the auction showing signs of weakening, Gardner Denver
is looking at alternative transactions and has held talks with
buyout firm CCMP Capital about investing as part of a leveraged
recapitalization, they said.
Representatives for TPG, Onex, KKR, CCMP and Advent declined
to comment or did not immediately respond to requests for
comment. Gardner Denver could not be immediately reached for
comment. The sources asked not to be named because the matter is