A trio of private equity bidders for US industrial equipment company Gardner Denver have reportedly pulled away from a deal amid disagreements over the due-diligence process.
Advent International and a partnership between Onex Corp and TPG Capital had reportedly been asked to make final offers by mid-February, Reuters said at the start of the month.
But it now says those bids are now off the table after the firms called for more information and time to study the company than the business was willing to allow, citing people with knowledge of the situation.
It said fellow private equity firm KKR had still not decided whether it would make a bid.
All four firms looked to have missed out on the business last year after initially being outbid by trade buyer SPX.
Management meetings took place between Gardner Denver and the private equity bidders in late December after the company ended exclusive discussions with SPX, Reuters said.
Blackstone and Bain Capital previously took part in the auction but did not make it through to the second round, in a sale that is expected to fetch closer to $3.5bn.
Gardner was founded in 1859 and makes industrial compressors, blowers, pumps and fuel systems.
The US-based business has 40 manufacturing facilities globally and posted revenues of $2.4bn last year, about two-thirds of which were generated abroad.
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