The
boards of Enodis and Manitowoc has delayed the posting of the "Scheme Document relating to the Offer" that Manitowoc made to purchase Enodis. The delay was approved by the panel overseeing the proposed buyout. The two companies said that a further announcement will be made in due course.
In late May, the board of directors for Enodis Plc, Tampa, Fla., agreed to support a buyout bid from The Manitowoc Co. of Manitowoc, Wis.
The deal is expected to be worth about $2.4 billion.
In April, Manitowoc bid on
Enodis, but was outbid by Illinois Tool Works Inc., who made a $2.1 billion
offer. Manitowoc then countered that bid in its effort to purchase Enodis,
makers of commercial food service equipment such as grills, refrigerators, and
commercial ovens. Enodis also has a strong presence in the fast-food industry.
To date, Manitowoc’s foodservice’s focus has been on the cold equipment side
and acquiring Enodis reportedly allows Manitowoc to enter two market segments:
hot food service and food retail equipment.
Did you enjoy this article? Click here to subscribe to the magazine.