Food & Beverage

Welbilt welcomes Ali Holding’s revised $4.8B takeover bid

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July 9, 2021

Welbilt has welcomed a revised unsolicited takeover proposal from Ali Holding S.r.l. as a "company superior proposal," based on Welbilt's previously announced merger agreement with The Middleby Corp., and may accept the offer before July 14, according to a press release.

Ali Group has raised its offer from $23 per share ($3.3 billion) to $24 per share, which implies an enterprise value of approximately $4.8 billion, according to the press release.

The proposal is binding on Ali Group and could be accepted by Welbilt prior to July 14, 2021. The transaction would be subject to approval by Welbilt stockholders, receipt of other regulatory approvals and other customary closing conditions.

Welbilt has notified Middleby that it intends to terminate its merger agreement with Welbilt and enter into a definitive agreement with Ali Group, subject to Middleby's right to negotiate amendments to the merger agreement for five business days and the Welbilt's determination as to whether any such amendments would cause the Ali Group proposal to no longer constitute a "company superior proposal."