Food gear firm in £948m takeaway

UK kitchen firm Enodis, which supplies deep-fat fryers to McDonald's, has agreed to a takeover by US food service group Manitowoc for £948m ($1.9bn).

Manitowoc, a maker of cranes and restaurant equipment, said shareholders in Enodis would receive 258 pence in cash for each Enodis share.

Enodis's shares soared by more than 50% in trading last Thursday after it received the takeover approach.

Previous overtures from Manitowoc to Enodis had been rebuffed in 2006.

"This acquisition continues our strategy of dynamic, earnings-based growth which drives value for Manitowoc shareholders," said chairman Terry Growcock of Manitowoc.

Enodis started life in the mid-19th Century as small food merchant S & W Berisford.

The offer price of 258p represents a premium of 82.3% to where Enodis shares stood on 8 April.

Manitowoc said the deal, which needs clearance from US and European competition authorities, meant it could enter the hot food service and food retail equipment markets.

In addition, the takeover would allow it to expand its ice, refrigeration and beverage businesses.

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