Enodis caught in bidding war
US food service firm Manitowoc has upped its bid and is offering Enodis shareholders 294 pence a share to secure its purchase of the UK kitchen equipment firm.
Manitowoc has trumped the £1 billion (282 pence a share) offer made by rival bidder, commercial food equipment maker Illinois Tool Works (ITW) and is urging Enodis' management to back its £1.08bn bid.
Last month Enodis' board withdrew its backing for Manitowoc's 260 per share offer (£948m) and recommended its shareholders go for ITW's offer.
Manitowoc firm is keen to buy Enodis to expand into the food service and food retail equipment markets.
Rising bids for the UK refrigeration equipment firm has pushed Enodis' value to 304.75 pence per share (as of May19).
Manitowoc's new offer has led to Enodis being valued at twice what it was worth last month.