Manitowoc trumps ITW's $2 billion bid for kitchen equipment maker Enodis

19 May 2008

US manufacturer of cranes and restaurant equipment Manitowoc has raised its offer for British kitchen appliances maker Enodis from 294 pence to 296 pence ($5.79) per share, valuing the company at 1.08 billion pounds ($2.1 billion), against rival Illinois Tool Works Inc's offer of $2 billion.

Manitowoc said it was offering 294 pence a share for Enodis, topping an agreed 282p bid from US rival ITW.

The bidder proposes to fund the acquisition through a so-called scheme of arrangement, which requires the approval of 75 per cent of the shareholder base and of the high court in London.

ITW, in turn, had upped its bid to 282 pence a share to beat an earlier bid of 260 pence a share by Wisconsin-based Manitowoc.

Enodis supplies fryer systems to restaurants and retailers, including McDonald's Corporation and Wal-Mart Stores Inc.

Manitowoc, which makes cranes, marine, and food service equipment, is the biggest ice machine maker in the United States, with a market capitalisation of $5.3 billion.