Register

To receive our newsletter, click below…

Poll

American tool firm trumps offer for Enodis

8th May 2008, 10:48am

Illinois Tool Works has announced an agreement with the Board of Directors at Enodis to buy the firm for $2.1billion, trumping the previous offer put on the table by Manitowoc last month.

The transaction also includes the assumption of Enodis' net debt.

Under the terms of the offer, Enodis shareholders will receive 280 pence in cash for each share.

Illinois Tool Works expects the transaction to close in August 2008.

The American firm's existing food equipment businesses had revenues of $1.9 billion in 2007 and feature highly-regarded products primarily for casual dining restaurants, institutions and supermarket/grocery stores.

David B. Speer, chairman and chief executive officer said: "We strongly believe this cash offer brings significant value to Enodis' shareholders. The ITW offer represents a 9 percent premium to a competitive offer and a 56 percent premium to Enodis' average closing price for the 12 months ending April 8, 2008."

He added: "We believe that the combination of ITW Food Equipment and Enodis will create an expanded global food equipment platform with very complementary strategic, operational and geographical growth positions. The collective businesses will have a significantly enhanced product portfolio in addition to greater scale to compete even more effectively and successfully in the global food equipment industry."

Words Clare Riley 0 comments

Click here to submit a comment!

Have your say!

To comment on this article, simply enter your name and email and send us your views. Please note that your comment will appear publicly below this article once it has been processed. For enquiries please email info@costsectorcatering.co.uk.

RSS Feed Subscribe

August 2008

TOP STORY: As September school meals deadline looms, providers
get increasingly rebellious
IN BUSINESS: Operation Menu Fatigue - 20 new trial meals for troops
TOP CHEFS PICK PORK: They support Pigs Are Worth It campaign to save farmers
ISSUE: Elior passes the ‘taste test’ with new schools’ programme
ON SITE: Debenhams rolls out future ‘blueprint’ after £5m spend

View The Archive