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Get in the Ring
May 20, 2008
Let the war begin. If you were at the National Restaurant Show in Chicago this weekend you likely already heard, but if not, Manitowoc put in a bid to beat out Illinois Tool Works in the official tug-of-war that began a couple weeks ago when Enodis dropped a previous deal with Manitowoc for ITW.
The new bid from Manitowoc stands at $2.4 billion, including the assumption of Enodis’ net debt (approximately $245 million as of March 29). The old bid was $2.1 billion so Enodis was swayed when ITW offered $2.3 billion. Btw, Manitowoc’s old bid was debt assumption as of Sept. 29, 2007 so they’ve improved on that offer.
Read the new release from Manitowoc.
The obvious question on everyone’s minds now is…will ITW come back with another punch? Who’s going down for the count?
Posted by Amelia Levin on May 20, 2008 | Comments (0)