https://www.google.com/url?sa=i&url=https://www.dogsofthedow.com/stock/wbt.htm&psig=AOvVaw234LvTPA9Qw20lQK5CAc1N&ust=1591496379947000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCJDe1paQ7OkCFQAAAAAdA AAAABAI A restaurant-related company that has had some lows recently. I'm in at a fantastic price and just happy to hold. Eventually, restaurants are going to come back. I can wait since I'm in at $3.30.
Welbilt is being acquired by Middleby. Middleby (MIDD) will acquire Welbilt (WBT) in an all-stock deal valued at $4.3 billion to create a food equipment company with an expanded commercial foodservice portfolio, the companies said Wednesday. Shareholders of New Port Richey, Florida-based Welbilt will receive a fixed exchange ratio of 0.1240x shares of Middleby for every Welbilt share, representing a 28% premium to the latter's 30-day volume-weighted average price ended Tuesday, according to a joint statement. Shares of Welbilt soared more than 40% while Middleby popped 7% in afternoon trading. The deal is expected to close in late 2021, subject to the approvals of regulators and shareholders of Middleby and Welbilt. The transaction has received unanimous approvals from the boards of both companies. "The combination of our two great companies creates a leading player with a comprehensive product line, global footprint and advanced technologies and solutions that are well positioned to serve our rapidly changing customer needs and capitalize on emerging industry trends," said Middleby Chief Executive Timothy FitzGerald. The combined company will have about $3.7 billion in 2020 sales, with the commercial foodservice segment accounting for 73% of the sales. Middleby shareholders will own about 76% of the combined company and Welbilt shareholders will own the remaining 24%. The merger may result in annual cost synergies of $100 million in the third year after closing and an additional $20 million from Welbilt stand-alone business transformation program, the companies said. "This transaction will allow Welbilt to accelerate our strategic development and represents an outstanding opportunity for Welbilt shareholders to realize an attractive value and participate in the future value creation of the combined organization," Welbilt CEO William Johnson said. El
