RTTNews | May 28, 2021 03:39PM EDT

15:39 Friday, May 28, 2021 (RTTNews.com) - Welbilt Inc. (WBT), a foodservice equipment maker headquartered in Florida, saw its shares climb 22% on Friday after its Italian rival Ali Group offered to take over the company for about $3.3 billion.

Ali Group offered $23 for each Welbilt share. Ali becomes the second company to express its wish to acquire Welbilt after Middleby offered $2.9 billion.

"Our $23 per share proposal delivers significant cash premium value to Welbilt shareholders and is superior in every respect to Welbilt's pending all-stock transaction with Middleby," Ali Group said in a statement.

Welbilt is presently trading at $24.33, up 22.42% or $4.41 from its previous close at $19.92. The stock opened at $19.94 in the morning and in the 52-week period, the shares have ranged from $5.21 to $25.02 on an average volume of 0.3 million outstanding shares.

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