Enodis, the UK food equipment maker that supplies customers such as McDonald’s, Starbucks and Subway, has agreed to be bought by Manitowoc, the US engineering group, in a cash offer that values the shares at £948m ($1.9bn).

The fully funded bid worth 260p a share is an 82.3 per cent premium to the 141½p price at the close of trading on April 8, the day before Enodis announced it had received an indicative offer from Manitowoc.