Benzinga | Jul 6, 2021 08:40AM EDT

Welbilt Confirms Receipt Of $24/Share Revised Proposal From Ali Group

Welbilt, Inc. (NYSE:WBT) today confirmed that it has received a revised unsolicited proposal (the "Revised Unsolicited Proposal") from Ali Holding S.r.l. to 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 on May 25, 2021.

Welbilt previously announced on April 21, 2021, that it had entered into a definitive merger agreement (the "Pending Merger Agreement") to be acquired by The Middleby Corporation, pursuant to which each Welbilt stockholder would receive a fixed exchange ratio of 0.1240 shares of Middleby common stock for each share of Welbilt common stock in an all-stock transaction.

In accordance with the terms of the Pending Merger Agreement and in accordance with its fiduciary duties, Welbilt's Board of Directors is carefully evaluating the Revised Unsolicited Proposal in consultation with its financial and legal advisors and will pursue the course of action that the Board of Directors believes is in the best interest of Welbilt and its stockholders. Welbilt's Board of Directors has not made any determination as to whether the Revised Unsolicited Proposal constitutes a "Company Superior Proposal" under the terms of the Pending Merger Agreement. Welbilt shareholders need take no action at this time.

?Morgan Stanley & Co., LLC is serving as financial advisor to Welbilt. Gibson, Dunn & Crutcher LLP is serving as legal counsel.