Illinois Tool Works launched a counterbid for Enodis on Thursday, disrupting what had appeared to be a done deal with Manitowoc, its US rival.

The catering equipment maker recommended an offer of 282p a share from ITW, including 2p in lieu of dividend – 12p higher than the amount it advised its shareholders to accept two weeks ago. The offer values Enodis at about £1bn, more than double its market capitalisation on April 8, the day before it first came under offer from Manitowoc.