Welbilt Inc said late Friday that a $3.3 billion offer from Italian rival Ali Group to acquire the U.S. foodservice equipment maker was likely superior to its existing tie-up agreement with Middleby Corp.
Italian foodservice equipment maker Ali Group has made a $3.3 billion cash offer for U.S. rival Welbilt , a source close to the matter said on Friday, surpassing an offer made for the company last month.
Malaysian electronics firm ATA IMS Bhd said on Friday it did not use forced labour at its factories after a prominent rights activist said U.S. authorities were going to scrutinise the company's work practices.
By Reuters Staff
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(Reuters) - Foodservice equipment manufacturer Middleby Corp said on Wednesday it would buy smaller rival Welbilt Inc for about $2.9 billion in an all-stock deal to beef up its commercial foodservice platform.
The combined company will have about $3.7 billion in combined sales for 2020, with the commercial foodservice segment accounting for 73% of the total, the companies said in a joint statement.
The deal is also expected to help Middleby expand its international operations and boost its investments in newer technologies, such as ventless cooking.
“This transaction will bring together two complementary businesses, accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments,” the companies said.
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(Reuters) - Lowe’s Cos Inc on Wednesday backed its expectations for a sales decline in 2021, even after reporting a blow-out fourth quarter by riding on a sustained boom in demand from people sprucing up their homes during the COVID-19 pandemic.
The home improvement chain and larger rival Home Depot Inc were among the biggest retail winners last year as Americans, who were forced to curtail their spending on travel and leisure activities, poured money into minor remodeling and repair works at their homes.
Lowe’s shares fell 3.3% as it stuck by its 2021 outlook of a $4 billion to $8 billion drop in revenue, depending on a robust or weak scenario for the broader home improvement market and despite seeing sales momentum in February.