Enodis backs takeover offer

Kitchen equipment firm Enodis today gave its backing to a takeover by the same American firm it snubbed two years ago.

Enodis, which started life as a food merchant in the mid-19th century, unveiled an agreement with Manitowoc worth 260p a share, valuing the London-listed business at £948m (€1.2bn).

Wisconsin-based Manitowoc, which specialises in manufacturing refrigerators and ice-making equipment, was spurned by Enodis in August 2006, when an offer in the region of 210p a share was rejected on value grounds.

Enodis is a former owner of retail kitchens and joinery business Magnet, but now concentrates on selling specialist equipment to the likes of Starbucks and McDonald’s. It employs more than 6,000 people in eight countries, including 400 people at three sites in the UK.