Manitowoc trumps rival with 1.8 bln pound bid for Enodis
LONDON (Reuters) - U.S. diversified manufacturer Manitowoc (MTW.N) has raised its bid for British kitchen equipment maker Enodis ENO.L to 1.08 billion pounds ($2.1 billion) to trump a rival offer.
Manitowoc, which makes cranes and restaurant equipment, said on Monday it was offering 294 pence a share for Enodis, topping an agreed 282p bid from U.S. rival Illinois Tool Works Inc (ITW) (ITW.N).
The offer from ITW beat an earlier bid of 260 pence a share from Manitowoc.
The two U.S.-based companies, which are bidding more than twice Enodis's market value before the bidding war started, are trying to buy the company as they gamble on rising demand for fast food in markets such as Asia boosting sales at the company.
ITW said late on Monday it was considering its position with respect to Enodis, and said it will make a further announcement in due course.
A spokesman for Enodis declined to comment on Monday's developments.
Enodis, which makes fryers for fast-food groups including McDonald's (MCD.N) and Burger King (BKC.N), will pay an interim dividend of 2p a share.
Shares in Enodis rose 2.3 percent Monday to 305 pence, above the offer price, suggesting investors believe ITW may come back with another offer. Continued...
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