On the last check this morning, Welbilt Inc (NYSE: WBT) shares rose 21.63% to $19.01 in premarket trading. A price range between $15.1723 and $15.83 was seen for the Welbilt stock during the yesterday trading session.
About 1.24 million shares of WBT stock were traded, compared to an average of 1.43 million shares over the past 100 days. As a result of the bid to be acquired by, WBT stock has been surging in the pre-hours trading.
With Welbilt’s industry-leading equipment and solutions, the world’s top chefs, premier chain operators, and growing independents can enhance their businesses. With its deep knowledge, operator insight, and culinary expertise, WBT provides innovative products and solutions. More than 5,000 suppliers, dealers, buying groups and manufacturers’ representatives distribute Welbilt’s products to over 100 countries throughout the world.
It was announced this morning that Middleby Corporation (NASDAQ: MIDD) and Welbilt had entered a definitive agreement.
- The agreement between Middleby and WBT stipulates that Middleby will acquire WBT for an all-stock deal.
- A portfolio of products, brands, and technologies of WBT will be added to Middleby Commercial Foodservice as a result of the acquisition.
- Investing in this transaction will bring together two complementary businesses, speed Middleby’s entry into key markets globally and solidify its core competencies in highly attractive segments.
- The combined company will have approximately $3.7 billion in combined 2020 sales, 73% of which will come from the Commercial Foodservice segment.
- With a strong balance sheet and robust cash generation, Middleby will be well positioned and capitalized to support significant R&D and future acquisition opportunities.
Prior to this deal of acquiring Welbilt (WBT), Middleby has a long track record of successfully integrating businesses, having completed over 20 acquisitions since 2018, and has a history of driving efficiencies in acquired companies.