Financial Times FT.com

Experience and good judgment pay off at Enodis

By Andrew Hill

Published: July 1 2008 22:25 | Last updated: July 1 2008 22:25

Any industrial company with solid-sounding brands such as Convotherm, Ice-O-Matic, Tecnomac and Frymaster commands respect. But we should still pay formal tribute to the Enodis board for squeezing 328p a share out of Manitowoc of the US, two years after the UK catering equipment manufacturer was first put in play.

That price – settled after a final auction between Manitowoc and rival bidder Illinois Tool Works on Monday night – is a full 11.5 per cent higher than the US industrial group’s previous agreed offer. When Middleby, another American suitor, unsuccessfully tried it on with Enodis in 2006, its sighting shot was a mere 195p.

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