Manitowoc Company raises bid for British firm

By: The Associated Press, The Herald Times Reporter

LONDON — The nation’s biggest ice-machine maker upped its bid for British food equipment supplier Enodis PLC, trumping the offer by Illinois Tool Works.

The Manitowoc Company, based in Manitowoc, raised its offer to $2.1 billion, or $5.79 per share.

Enodis shares rose 2 percent to $5.95 in early London trading.

The Manitowoc Company opened the bidding for Enodis on April 14 at $5.09 per share. Illinois Tool Works Inc., based in Glenview, Ill., came back with a bid of 282 pence $5.52 per share May 8.

Last week, Enodis reported a profit of 9.7 million pounds $19 million for the six months ending March 29, compared with 17.3 million pounds in the comparable period a year ago.

The company attributed the drop in profit to the cost of restructuring.

On the Web: www.manitowoc.com

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