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CHICAGO – (BUSINESS WIRE) – In response to media reports, Ali Holding Srl (“Ali Group”), one of the world’s largest and most diverse leaders in the catering equipment industry, confirmed today hui that on May 25, 2021, he submitted to the board of directors of Welbilt, Inc. (NYSE: WBT) a proposal under which Ali Group would acquire all of the outstanding common shares of Welbilt for $ 23.00 per share in cash. This proposal represents a premium of 47.2% over the Welbilt share price on April 20, 2021, the last trading day before The Middleby Corporation (NASDAQ: MIDD) announced its all-equity transaction with Welbilt , and a premium of around 13.9% of the implied value of the Middleby transaction as of May 24, 2021, the last trading day before Ali Group submits its proposal to Welbilt.
Ali Group has substantial cash flow and has received a highly confident letter from Goldman Sachs International for new financing to fund the proposed transaction. Ali Group will obtain fully subscribed and binding letters of commitment for any debt financing prior to the signing of a definitive merger agreement, which will not contain any financing conditions. Ali Group is also very confident that the proposed transaction will obtain all necessary regulatory approvals in a timely manner without the uncertainty created by the antitrust provisions contained in the Middleby transaction.
Ali Group issued the following statement:
Ali Group has a 60-year history in the catering equipment industry and has long admired Welbilt. Our $ 23 per share proposal offers significant cash bonus value to Welbilt shareholders and is superior in all respects to Welbilt’s ongoing transaction with Middleby. In addition to superior value, our proposition provides greater certainty of closing for Welbilt and its shareholders. We and our advisers look forward to working with Welbilt and its advisers to quickly negotiate and finalize a definitive agreement.
Goldman Sachs & Co. LLC is acting as financial advisor to Ali Group, and Alston & Bird is acting as legal advisor.
About Ali Group
Founded in 1963, Ali Group is an Italian company headquartered in Milan, Italy with North American operations based in Chicago, Illinois. Through its subsidiaries, the company designs, manufactures, markets and maintains a wide range of commercial and institutional catering equipment used by large restaurant and hotel chains, independent restaurants, hospitals, schools. , airports, correctional facilities and canteens.
Ali Group and its 80 global brands employ around 10,000 people in 30 countries and, in terms of sales, is one of the world’s largest groups in this sector. It has 58 manufacturing plants in 15 countries and sales and service subsidiaries in Europe, North America, South America, the Middle East and Asia-Pacific.
For more information on Ali Group products and services, visit www.aligroup.com.
Additional information and where to find it
This communication does not constitute an offer to buy or the solicitation of an offer to sell securities. This communication concerns a proposal made by Ali Group for a business combination transaction with Welbilt, Inc. As part of this proposal and subject to future developments, Ali Group (and, if a negotiated transaction is accepted, Welbilt) may File one or more proxy statements or other documents with the SEC. This communication does not replace any proxy statement or other document that Ali Group and / or Welbilt may file with the SEC in connection with the proposed transaction. WELBILT INVESTORS AND SECURITYHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER SEC-FILED DOCUMENTS IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN MATERIAL INFORMATION ABOUT THE TRANSACTION. Any final proxy circular (if and when available) will be mailed to the shareholders of Welbilt. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Ali Group through the website maintained by the SEC at the following address : http://www.sec.gov.
Participants in the solicitation
Ali Group and certain of its directors and senior officers may be considered participants in any solicitation regarding the proposed transaction under the rules of the SEC. Information regarding the interests of such participants in any such proxy solicitation and a description of their direct and indirect interests, by title or otherwise, will be included in any proxy circular and other relevant documents to be filed with the SEC if and when they become available. These documents can be obtained free of charge from the sources indicated above.
Director of Marketing and Communications
Matthew Sherman / Andrew Siegel / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
Source: Ali Group