THE Manitowoc Company Inc has trumped fellow US company Illinois Tool Works in the takeover fight for the British cooking equipment supplier Enodis PLC.
Enodis said yesterday that it will recommend a 328-pence (US$6.54)-per-share cash offer from Manitowoc, the biggest ice machine maker in the United States, following an auction arranged by Britain's takeover regulator.
The Takeover Panel said that Illinois Tool Works had withdrawn its 280-pence-per-share offer announced in May. The panel added that it had agreed not to reveal details of any increased bid made by Illinois Tool Works during the auction.
Enodis Chairman Peter Brooks said the final offer from Manitowoc was the best value for shareholders.
"Having considered carefully all aspects of the bids received, including transaction timing and execution risk, in particular from an antitrust perspective, and the higher price which this offer provides, the board of Enodis intends to recommend unanimously the offer from Manitowoc to shareholders," Brooks said in a statement to the London Stock Exchange.
The final offer from Manitowoc, from the Wisconsin city, is well above its first approach in April of 260 pence.