Welbilt agrees to acquisition offer from Ali Group, terminates previous merger agreement
July 13, 2021 - New Port Richey-based Welbilt (NYSE:WBT) is accepting an acquisition offer from Italian foodservice equipment manufacturer Ali Group, according to Welbilt's announcement last week. Under the terms of the revised unsolicited proposal, the Ali Group would acquire all of the outstanding shares of Welbilt common stock for $24 per share in cash, an increase from the previously disclosed $23 per share cash proposal made by Ali Group in May, which implies an enterprise value of approximately $4.8 billion. The closing of the transaction would be subject to approval by the stockholders of Welbilt. The news follows Welbilt previously annoucing it was to be acquired by the Middleby Corporation. Welbilt has notified Middleby that it intends to terminate Middleby’s merger agreement and enter into a definitive merger agreement with Ali Group.