Find out more in our About us section.
The auction process set out by the Panel on Takeovers and Mergers to resolve the competitive situation which existed in respect of the Company between Manitowoc and Illinois Tool Works Inc. ("ITW") was implemented during the evening of 30 June 2008. In this process, Manitowoc and ITW were invited to lodge bids on the basis of the terms set out in the existing implementation agreements (save as to price and timetable) between them and Enodis respectively. Following completion of that process, Manitowoc and Enodis announce a final revised offer by Manitowoc for Enodis (the "Final Offer") at a price of 328 pence in cash per Enodis Share. The Board of Enodis intends to recommend the Final Offer to Enodis shareholders. The Manitowoc acquisition is to be effected by way of a scheme of arrangement.
As permitted by the auction rules, the Panel Executive has agreed that details of the increased bid lodged by ITW are not being disclosed and that, subject only to Manitowoc posting its offer documentation, ITW shall withdraw its offer of 280 pence per Enodis Share announced on 8 May 2008.
Click here to read more
