QUINCY, Ill., Jan. 5 /PRNewswire-FirstCall/ -- Gardner Denver, Inc.
(NYSE: GDI) has declared its previously announced cash offer of 185 pence per
share for the outstanding shares of Syltone plc to be wholly unconditional,
effectively completing this acquisition. Holders of more than 96% of the
outstanding shares of Syltone plc capital have accepted the offer, either in
cash or by electing to receive their consideration in the form of loan notes.
Since the level of acceptances exceeds the 90% threshold, Gardner Denver will
exercise its right to compulsorily acquire all remaining outstanding Syltone
shares. The acquisition will be funded from Gardner Denver's existing cash
resources and committed credit facilities.
All of the statements in this release, other than historical facts, are
forward-looking statements made in reliance upon the safe harbor of the
Private Securities Litigation Reform Act of 1995. As a general matter,
forward-looking statements are those focused upon anticipated events or trends
and expectations and beliefs relating to matters that are not historical in
nature. Such forward-looking statements are subject to uncertainties and
factors relating to Gardner Denver's operations and business environment, all
of which are difficult to predict and many of which are beyond the control of
the Company. These uncertainties and factors could cause actual results to
differ materially from those matters expressed in or implied by such forward-
looking statements. A list and related discussion of these uncertainties and
factors is contained in Gardner Denver's 10-Q filed with the Securities and
Exchange Commission on November 12, 2003 and is incorporated herein by this
reference.
Gardner Denver, with 2002 revenues of $418 million, is a leading
manufacturer of reciprocating, rotary and vane compressors and blowers for
various industrial applications and pumps used in the petroleum and industrial
markets. Gardner Denver's news releases are available by visiting the Investor
Relations page on the Company's website ( http://www.gardnerdenver.com ).
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com
Company News On-Call:
http://www.prnewswire.com/comp/303875.html
CONTACT:
Helen W. Cornell, Vice President, Strategic
Planning and Operations Support of Gardner Denver, Inc.,
+1-217-228-8209
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