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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.

Coronavirus industry update

UPDATED 22 April: In response to the Coronavirus pandemic, manufacturers, wholesalers and distributors are issuing statements regarding their operations as the situation evolves. The most up to date information from each company is listed below and ...

  25-Mar-2020

High temperature CO2 heat pump increases hot water efficiency

Mitsubishi Electric has announced the launch of a new commercial heating system running on CO2 (R744) to deliver hot water up to 90°C and help businesses increase the efficiency of hot water production whilst significantly reducing their carbon ...

  21-Sep-2020

Fridge Freezer Direct Introduces J & E Hall's range of Cellar Cooling

Reliable and energy efficient, the JCC range of cellar coolers are designed to be used in wine and beer cellars above or below ground.
  21-Sep-2020
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