08.05.2008

Manitowoc to loose Enodis?

British based food group Enodis, which had agreed to be acquired by crane maker, Manitowoc for £948 million ($1.9 billion), has now changed its mind, and agreed to accept a better offer from Illinois Tool Works worth £1.03 billion ($2 billion).

The deal is worth an extra 20p per share to Enodis shareholders, Illinois Tool Works makes cooking and other kitchen equipment among its broad range of other tools and products.

Enodis chairman Peter Brooks said: "Having considered carefully all aspects of the offer from ITW, including transaction certainty, from an anti-trust perspective, and the higher price which this offer provides, the Enodis directors have decided unanimously to recommend the offer from ITW to shareholders."

Manitowoc issued a brief statement saying that it noted the announcement by Illinois Tool Works and is considering its position and will make a further announcement in due course.
See Manitowoc buys big in food

Vertikal Comment

This is the second time that a bid by Manitowoc to acquire Enodis has fallen through, the company, keen to return the balance between its crane and food services segments, cranes currently represent well over 80 percent of the groups sales and profits. It is likely that the company will not leave this deal just yet.