Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, April 14, 2023

Article Excerpt

MIDDLEBY CORP., $139.01, symbol MIDD on Nasdaq, designs, manufactures, markets, distributes and services a broad line of (i) foodservice equipment for all types of commercial restaurants and institutional kitchens, (ii) food preparation, cooking, baking, chilling and packaging equipment for food-processing operations, and (iii) premium kitchen equipment, including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment, primarily used in the residential market. The company owns over 100 brands, including TurboChef, Follett, Star, Viking Range, AGA, and Armor Inox. Founded in 1888 as a manufacturer of baking ovens, Middleby Marshall Oven Company was acquired in 1983 by TMC Industries Ltd., a publicly traded company that changed its name in 1985 to The Middleby Corporation. In April 2021, Middleby announced a $4.3 billion takeover bid for Welbilt Inc. (symbol WBT on New York), the owner of foodservice brands such as Cleveland, Frymaster, and Garland. However, in July 2021, Welbilt subsequently received a $4.8 billion bid from Italian firm Ali Group. Middleby decided against upping its own…