LONDON—British cooking-equipment supplier Enodis PLC on Tuesday endorsed a sweetened takeover bid by The Manitowoc Company Inc., just as it backed two previous approaches.
Manitowoc, based in Manitowoc, Wisconsin, raised its offer to 296 pence ($5.79) per share on Monday, valuing Enodis at 1.08 billion pounds ($2.1 billion).
Illinois Tool Works of Glenville, Illinois, which had offered 282 pence ($5.51) per share, said Monday that it was considering its position.
Manitowoc, the biggest ice machine maker in the United States, opened up bidding on Enodis in April when it made an offer of 260 pence ($5.09) per share, which was accepted by the British company.
Enodis' board had supported all three offers in turn.
"The board confirms that it intends to recommend Manitowoc's increased offer of 294 pence per share in cash, plus the payment of a dividend of 2 pence per Enodis share when made," Enodis said Tuesday in a brief statement to the London Stock Exchange.
Shares in Enodis, which supplies fryer systems to restaurants and retailers, including McDonald's Corp. and Wal-Mart Stores Inc., were up 0.25 percent at 305.75 pence ($5.98) in early trading Tuesday.
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