Battle for fryer company heats up

http://news.bbc.co.uk/go/rss/-/1/hi/business/7407806.stm

Version 0 of 1.

US food service group Manitowoc has increased its offer for UK kitchen equipment firm Enodis, which supplies deep-fat fryers to McDonald's.

Manitowoc has offered to pay Enodis shareholders 294 pence a share, trumping the 282 pence a share proposed by its rival Illinois Tool Works (ITW).

The £1bn move improves on Manitowoc's previous £948m offer, and values Enodis at twice what it was worth last month.

Manitowoc has urged Enodis' management to recommend the proposal.

Manitowoc also said the increased offer was conditional on it obtaining certain antitrust clearances, including from the European and US competition authorities.

Enodis started life in the mid-19th Century as small food merchant S & W Berisford.

It now owns 30 brands and its range of products include refrigeration units and the ice and drink dispensers used in fast-food restaurants and supermarkets.

Manitowoc is keen to buy Enodis to expand into the food service and food retail equipment markets.