According to Reuters, upmarket stove maker AGA Foodservice Group Plc said on Thursday its approaches to food equipment maker Enodis Plc about a merger had been rejected, sending Enodis shares up as much as 9 percent.
AGA said the combination would have substantial commercial and financial merit for shareholders in both companies and it was continuing to seek further discussions with Enodis, Reuters reported.
AGA, which supplies commercial food operators ranging from local bakeries to supermarkets, said a merger would be attractive on geographical, product, sales, and procurement grounds.
Enodis, which makes fryers, grills and refrigerators for fast-food restaurants, said in August its decision to spurn the advances of U.S.
peers Middleby Corp. and Manitowoc Co. had left it with no offers on the table, Reuters reported. Manitowoc had made a bid proposal for Enodis worth around U.S. $1.6 Billion.
to Daily News