Foodservice equipment manufacturer Welbilt Inc., which last month agreed to sell to Middleby Corp. for $2.9 billion, has reportedly received bigger bid, valuing the company at $3.3 billion, the Wall Street Journal reported today.
The Journal reported that Italy’s Ali Group made an all-cash offer to buy the company for $23 a share earlier this week, citing people familiar with the matter.
In its first quarter of 2021, Welbilt reported net sales of $316.8 million, a decrease of 3.7% from the prior year.
Ali Group confirmed media reports of its offer to buy Welbilt in a press release at its website.
Founded in 1963 by Luciano Berti, the Ali Group, headquartered in Milan, manufactures, markets and services a broad line of commercial foodservice equipment through its subsidiaries. Its North American operations are based in Chicago.