Manitowoc wins Endois auction
Manitowoc last night snapped up British kitchen appliance maker Endois, fending off fierce competition from rival Illinois Tool Works.
Both firms went head to head in an auction to take over Endois, but USbased Manitowoc’s offer of 328p a share won through.
“Throughout this process, we reaffirmed our belief in the opportunities that Enodis provides. Even at the higher price, we believe the benefits of the combination are significant,” said Manitowoc chief executive Glen Tellock.
The auction of the food equipment manufacturer, which was overseen by the Takeover Panel, was a rare occurrence in British mergers and acquisitions.
Previously Endois had spurned a series of offers from the two firms, who have been fighting each other for control, before agreeing bids with both Manitowoc and ITW in the last ten weeks.
“The final offer of 328 pence is the best value for shareholders. Having considered carefully all aspects of the bids received, the board intends to recommend the offer unanimously,” said Peter Brooks, chairman of Enodis.
