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ITW in agreed counterbid for Enodis

Illinois Tool Works launched a counterbid for Enodis on Thursday, disrupting what had appeared to be a done deal with Manitowoc, its US rival. The catering equipment maker recommended an offer of 282p a share from ITW, including 2p in lieu of dividend – 12p higher than the amount it advised its shareholders to accept two weeks ago. The offer values Enodis at about £1bn, more than double its market cap on April 8, the day before it first came under offer from Manitowoc.

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