Enodis board expected to back buyout by Manitowoc

The Business Journal of Milwaukee

The board of directors of Enodis will recommend shareholder approval of the food service equipment manufacturer's proposed buyout by The Manitowoc Co. Inc. when the Manitowoc company submits merger documents to shareholders, which is now expected June 9.

Manitowoc had announced May 19 that it is increasing its offer to buy Enodis to a deal worth about $2.4 billion, topping an offer from Illinois Tool Works Inc. ITW had previously outbid a prior Manitowoc offer announced April 14.

Enodis produces commercial food and beverage equipment such as fryers, grills and refrigerators that are sold under the Cleveland, Frymaster, Icematic, Ice-o-matic, Merrychef and Scotsman brand names. It's traded on the London Stock Exchange, but its operational headquarters are in Tampa, Fla.

A deal with Manitowoc (NYSE: MTW) would add hot food and food retail equipment to Manitowoc's offerings to the food service industry and would expand the company's business with the fast food industry. Manitowoc also produces construction cranes, lifting equipment and commercial and military ships.

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