Ashurst, Links cook up £950m Enodis buy-out
Ashurst and Linklaters have won lead roles on the £950m takeover of UK kitchen equipment maker Enodis by US company Manitowoc.Ashurst is advising longstanding client Enodis, with City corporate partners Richard Gubbins and Anthony Clare leading the team, supported by competition partner Julian Ellison and employment partner Paul Randall.
April 23, 2008 at 10:34 PM
2 minute read
Ashurst and Linklaters have won lead roles on the £950m takeover of UK kitchen equipment maker Enodis by US company Manitowoc.
Ashurst is advising longstanding client Enodis, with City corporate partners Richard Gubbins and Anthony Clare leading the team, supported by competition partner Julian Ellison and employment partner Paul Randall.
Gubbins has advised Enodis on deals including the 2005 sale of its Vent Master division to Halton Group.
Linklaters is advising Manitowoc, with corporate partner Richard Godden taking the helm. The firm has been working alongside US practice Foley & Lardner on the transaction, with Foley providing US advice to the acquirer through M&A partner Jay Rothman in Milwaukee.
The deal sees US industrial giant Manitowoc make a recommended cash offer for food and beverage equipment
manufacturer Enodis, valuing the company at around £948m in total.
Gubbins told Legal Week: "Considering what is being said about the market, this deal shows that banks are prepared to back their clients in strategic deals for the right price."
The transaction is Manitowoc's second bid for Enodis in recent years. The company previously made an £892m takeover bid for Enodis in 2006, but the offer ultimately collapsed because of regulatory concerns that it would give Manitowoc too large a share of certain areas of the global kitchen equipment market.
The acquisition is expected to complete in October subject to regulatory approval.
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