Welbilt Board Determines That Revised Proposal From Ali Group Is a "Company Superior Proposal"

Jul 07, 2021

Welbilt (NYSE:WBT, Financial) today announced that the Welbilt Board of Directors, in consultation with its legal and financial advisors, has determined that the revised unsolicited proposal (the “Revised Unsolicited Proposal”) from Ali Holding S.r.l. constitutes a “Company Superior Proposal”, as defined in Welbilt’s previously announced merger agreement with The Middleby Corporation (NASDAQ:MIDD). Under the terms of the Revised Unsolicited Proposal, Ali Group would 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, which implies an enterprise value of approximately $4.8 billion. The proposal is binding on Ali Group and may be accepted by Welbilt prior to July 14, 2021. Closing of the transaction would be subject to approval by the stockholders of Welbilt, receipt of other regulatory approvals and other customary closing conditions.

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