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Manitowoc Buyout Offer Rejected by Enodis
Jun 9, 2006
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The Manitowoc Company said in a statement today that it made a cash offer to buy Enodis plc. The Enodis board rejected the offer.

"The company is disappointed that Enodis has rejected its indicative proposal," said Manitowoc Chairman and CEO Terry D. Growcock. "Manitowoc remains committed to identifying and pursuing strategic acquisition opportunities that will enhance its global business enterprise."

Manitowoc said it is considering its options with regard to Enodis.

Enodis said Manitowoc proposed to acquire Enodis for 2.10 pounds (approx. U.S. $3.87) per share in cash. Enodis rejected the offer on the grounds it undervalued the company.

The Manitowoc Company, Inc. (Manitowoc, Wisconsin, U.S.) is composed of a shipbuilding and crane manufacturing businesses as well as a Foodservice Group producing commercial ice making, beverage dispensing and refrigeration equipment for worldwide markets.

Enodis plc (London) operates Global Food Service Equipment and Food Retail Equipment business units, with sales and operations around the world and a portfolio of brands that includes Cleveland(TM), Convotherm(R), Delfield(R), Frymaster(R), Garland(R), Icematic(R), Ice-o-matic(R), Jackson(R), Kysor/Warren(R), Lincoln(R), Merrychef(R), and Scotsman(R).

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