UPDATE 3-Gardner Denver confirms exploring potential sale

Thu Oct 25, 2012 7:21pm EDT
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* Says board working with management, Goldman on strategic review

* Reuters reported earlier first-round bids due Nov. 5

* TPG, Onex, KKR, Blackstone, Bain among those interested-sources

* Gardner Denver shares close up 20.5 percent

By Greg Roumeliotis and Soyoung Kim

NEW YORK, Oct 25 (Reuters) - Industrial machinery maker Gardner Denver Inc said it is exploring strategic alternatives including a potential sale or merger of the company, confirming a Reuters report earlier on Thursday.

Gardner Denver said in a statement that its board of directors is working with its management team and financial adviser Goldman Sachs Group Inc to evaluate options to enhance shareholder value.

No decision has been made and there is no guarantee the review will result in a transaction, Gardner Denver said. Reuters reported earlier in the day that the company's bankers have reached out to potential buyers in recent weeks, citing people familiar with the matter.

Shares of Gardner Denver surged to a six-month high on Thursday and closed up 20.5 percent at $66, representing a market value of about $3.2 billion. The company had long-term debt of some $400 million as of the end of June.   Continued...