ITW drops out of Enodis acquisition bidding

Industrial Distribution staff -- Industrial Distribution, 7/14/2008 7:22:00 AM

Illinois Tool Works Inc. has decided to drop out of the bidding war for Enodis plc., a British kitchen equipment manufacturer.

Enodis said it will accept an offer from the Manitowoc Company Inc.a Manitowoc, Wis.-based cranes, foodservice equipment and marine products manufacturer includes

In May, ITW said it would acquire Enodis for $2.3 and appeared to have won a bidding war with Manitowac.

However, later that month, Manitowac upped the bid to $2.4 billion.

Then on May 20, the Enodis board recommended the company accept the Manitowac bid.