LONDON/NEW YORK (Reuters) - Britain's Enodis Plc (ENO.L: Quote, Profile, Research) has agreed to be bought by Illinois Tool Works Inc (ITW.N: Quote, Profile, Research) for 1.03 billion pounds ($2 billion), turning its back on the agreed 948 million pounds ($1.9 billion) takeover by U.S.-based Manitowoc Co Inc (MTW.N: Quote, Profile, Research).

The shares in Enodis, the British maker of fast-food fryers, were up 18 percent at 284.5p, above the new 280 pence per share offer price, meaning investors believe Manitowoc will come back in with a higher offer.

"We would not count out Manitowoc just yet," wrote Deutsche Bank analyst Nigel Coe in a note to clients. "It has doggedly stalked Enodis for at least two years." A counter-bid would probably need an equity component, Coe said.

But Sterne Agee analyst Ben Elias said Manitowoc does not have the resources to make a higher bid.

"It's a stretch to make those numbers work," Elias said.

He said the ITW offer would prevail on its merits: a higher price, an earlier closing date in August and fewer antitrust issues.

ITW has a smaller footprint and less direct overlap with Enodis, Deutsche's Coe said.

Manitowoc, which also makes beverage dispensers and walk-in freezers, said it was weighing its options in to regard Enodis.

"We're in the process of retrenching, figuring out what our options are," Chief Executive Glen Tellock told an industrials conference in New York.