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MANITOWOC, Wis. - The Manitowoc Company says it has won an auction to buy British restaurant-equipment manufacturer Enodis PLC for $2.7 billion.
The nation's biggest ice-machine maker said Monday it outbid Illinois Tool Works. The Glenview, Illinois-based company withdrew from the auction after bidding an unspecified amount.
An Enodis panel approved the deal, which still requires approval by regulators and Enodis shareholders.
Last month, the Manitowoc-based company offered a $1.5 billion bid that Enodis turned down.
Enodis makes ice makers and foodservice machines. It has about 6,000 employees and large operations in New Port Richey, Florida.
Shares of Manitowoc dropped 49 cents, or 1.5 percent, to $32.04 in aftermarket trading.
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