Italy’s Ali Group on Monday said it raised its offer to buy Welbilt Inc, valuing the U.S. food service equipment maker at $3.41 billion.
The deal trumps a $2.9 billion all-stock offer for Welbilt put forward by competitor Middleby in April to beef up its commercial foodservice platform.
Welbilt will receive $24 for each share, representing a premium of 3.53% to the closing price on Friday.
The offer is a raised bid from its previous $23 per share offer in May.
Ali Group said that it has obtained fully underwritten, binding commitment letters for debt financing from Goldman Sachs International and Mediobanca.
Based near Milan, Ali Group, with 80 brands, operates worldwide and supplies foodservice equipment to businesses ranging from hotels to schools and supermarkets. (Reporting by Rithika Krishna in Bengaluru; editing by Diane Craft and Sonya Hepinstall)