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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.

The IOR Annual Conference – a conference on-demand

Delegates to the IOR Annual Conference taking place from 21 to 22 April will get the chance to access the event live and all sessions and recordings for up six months afterwards providing fantastic value and allowing anyone registering for the event ...

  01-Apr-2021

The drive for effective decarbonisation – Daikin’s VRV R32 heat recovery solution

To drive the decarbonisation of buildings forward, new systems should reduce both the direct and indirect CO2eq impact. Daikin has focussed on maximising operational efficiency in real life conditions, minimising the impact. The new solution ...

  30-Jun-2022

If you need to open a solenoid valve manually, you need a SVOM!

"THE SMALL TOOL WITH A BIG ATTRACTION" Available from Refrigeration Wholesalers If you would like to become a distributor please contact sales@fridgenius.co.uk
  30-Jun-2022
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