Company Tops ITW

The bidding war for British cooking equipment supplier Enodis heated up recently, as Manitowoc Co. came back with a 2nd offer to trump an approach by Illinois Tool Works Inc. Manitowoc, based in the WI town of the same name, raised its offer to 296 pence ($5.79) a share, valuing Enodis at 1.08 billion pounds ($2.1B). ITW had offered $2 billion. Glenview-based Illinois Tool Works said it noted the increased offer and was "considering its position with respect to Enodis and will make an announcement in due course." Enodis had no immediate comment, but investors appeared to expect even higher bids. Shares in the company, which supplies fryer systems to restaurants and retailers, including McDonald's and Wal-Mart Stores, rose 2.4% to 305.25 pence ($5.97) recently. Manitowoc, which makes cranes, marine, and food service equipment and is the biggest ice machine maker in the U.S., opened the bidding on Enodis in April when it made an offer of 260 pence ($5.09) a share, which the British company accepted. However, Enodis changed allegiance when Illinois Tool Works, a manufacturer of engineered products with over 800 business units in 49 countries, made a sweetened 282 pence bid, or about $2B, earlier this month. Both of the suitors are including a 2 pence (4