Agreed8 May 2008 09:50
FNI Ltd., a unit of Illinois Tool Works Inc. (ITW), said it has agreed to make a recommended cash offer of 280 pence a share for Enodis Plc., valuing the company at 1.03 billion pounds.
In addition, prior to the scheme becoming effective, Enodis will pay a dividend of 2 pence in lieu of an interim dividend in respect of the financial year ending Sept. 30, 2008.
The company said the offer price of 280 pence per share represents a premium of about 97.9 percent to the closing price of 141.5 pence on April 8.
Following a successful integration of Enodis, ITW expects that the transaction will be accretive to EPS in the first full year of combined operations, excluding non-recurring acquisition accounting expenses, the company added.