Welbilt Board Determines That Revised Proposal From Ali Group Is a “Company Superior Proposal”
Welbilt (NYSE:WBT) 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.
- Welbilt (NYSE:WBT) 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 Welbilts previously announced merger agreement with The Middleby Corporation (NASDAQ:MIDD).
- The proposal is binding on Ali Group and may be accepted by Welbilt prior to July 14, 2021.
- Welbilt has notified Middleby that it intends to terminate Middlebys merger agreement with Welbilt and enter into a definitive merger agreement with Ali Group, subject to Middlebys right to negotiate amendments to the merger agreement for five business days and the Welbilt Boards further determination as to whether any such amendments would cause the Ali Group proposal to no longer constitute a Company Superior Proposal.