Rival US suitors for Enodis, the industrial catering equipment maker, face a “one shot, sudden-death, shoot-out” after the close of trading next Monday if the company remains in play by 4.30pm on Friday.

A one-bid auction between Manitowoc and Illinois Tool Works, one of only a handful of auctions arranged under the Takeover Panel’s direct auspices in recent years, should bring to an end a protracted tug-of-war for Enodis, which has switched its recommendation to shareholders back and forth since Manitowoc’s conditional approach in April.