The matter having been foreshadowed on Markets Live recently, America’s Manitowoc has come clean on its desire to own British catering equipment maker Enodis.
And check out the premium – eye-watering. Enodis closed at 151.5p on Wednesday:
The Board of Enodis notes the recent rise in the Company’s share price and announces that it has received an indicative cash proposal from The Manitowoc Company, Inc. (‘Manitowoc’) totalling 260p per share. The 260p indicative proposal is inclusive of the right to receive from the Company a payment of 2p per share in lieu of the 2008 interim dividend. On the basis of this indicative proposal, the Company has granted Manitowoc due diligence access and will update the market in due course as appropriate.
The Board of Enodis confirms this announcement has been made with the consent of Manitowoc, however there is no certainty that a formal offer will be made for the Company…