Dave McCulloch, chief executive of industrial catering equipment maker Enodis, has defended the heady premium agreed by US suitor Manitowoc for the business following an auction with rival Illinois Tool Works on Monday.

Manitowoc secured Enodis with a 328p-a-share offer valuing the deep-fat fryer and pizza-oven maker at £1.02bn ($2.03bn) compared with the 294p offered which had been recommended in May before plans for the competitive auction were announced.