The bidding war for equipment maker Enodis PLC has apparently ended with Manitowoc Company's $2.7 billion buyout offer the winner. In early May, a $2.3 billion offer from Illinois Tool Works had seemed to trump an earlier $2.1 billion offer from Manitowoc, but the offer was never presented to Enodis shareholders.
That prompted the United Kingdom Takeover Panel, a regulatory body that oversees mergers and acquisitions of British companies to set up an auction for Enodis. In that action, which is final pending regulatory approval in the U.S. and U.K. on antitrust grounds, the Manitowoc offer topped that of Illinois Tool Works.
In the U.S., Enodis is headquartered in Tampa, FL, and markets a series of prominent equipment brands including Cleveland, Convotherm, Dean, Delfield, Frymaster, Garland, KE-O-Matic, Jackson, Lincoln, Merco-Savory, Merrychef, Scotsman, US Range and Varimixer. Its revenues in its most recent fiscal year were around $1.6 billion.