Manitowoc wins Enodis auction with $2.7 billion bid

CHICAGO (Reuters) - Manitowoc Inc (MTW.N) said on Monday it had beat out Illinois Tool Works Inc (ITW.N) (ITW) in the official auction for British kitchen equipment maker Enodis ENO.L.

Enodis was at the centre of a takeover tussle between the two U.S.-based diversified manufacturers.

Manitowoc said it will pay 328 pence for each Enodis share, and assume about $249 million (125 million pounds) of the the company's debt, bringing the total value of the deal to about $2.7 billion.

Manitowoc, which makes cranes and restaurant equipment, originally offered 260 pence a share. ITW came back with a rival offer of 282 pence, which prompted Manitowoc to raise its offer to 294 pence a share -- or about $2.1 billion -- last month.

The bidding prompted the Takeover Panel, which oversees the mergers and acquisitions market, to simultaneously submit new bids for the company.

(Reporting by James Kelleher; editing by Jeffrey Benkoe)