Welbilt green lights Ali Group’s ‘superior’ acquisition proposal of $4.8 billion

July 12, 2021

Foodservice equipment manufacturer Welbilt Inc. on Jul. 6 announced that its board of directors, in consultation with its legal and financial advisors, has determined that the revised unsolicited proposal from Ali Holding S.r.l. constitutes a “company superior proposal” as defined in Welbilt’s previously announced merger agreement with Middleby Corp.

Under the terms of the revised proposal, Italy’s Ali Group would acquire all of the outstanding shares of Welbilt common stock for $24 a share in cash, an increase from the previously disclosed $23 per share cash proposal, made by the group on May 25. The new offer implies an enterprise value of approximately $4.8 billion. 

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

Welbilt has notified Middleby that it intends to terminate their merger agreement and enter into a definitive merger agreement with Ali Group, subject to Middleby’s right to negotiate amendments for five business days.


[Credit: Welbilt]
Welbilt Logo

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