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The Manitowoc Company, Inc. increased its offer for Enodis in a transaction valued at approximately US$2.4 billion, including the assumption of Enodis’ net debt (approximately $245 million as of March 29, 2008). That is an increase from its original offer of April 14, 2008, and following the recent offer announced by Illinois Tool Works Inc.
Glen E. Tellock, Manitowoc president and CEO, said: "Following the current recommended bid for Enodis announced on May 8, 2008, we reconsidered our options carefully and reaffirmed that there is significant strategic merit in bringing these two strong organizations together. Our announcement today highlights that we are determined to bring to bear the many benefits we believe a combination will deliver." Mr. Tellock added, "Our increased offer is at a 5.0% premium to ITW’s offer and a 63.7% premium to Enodis’ average closing price for the 12 months ending April 8, 2008. As such, we believe strongly that our revised offer represents superior value for Enodis’ shareholders. At the same time our revised offer still meets our financial objectives of being EPS accretive in two years and EVA positive in three years."
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