In response to media reports, Ali Holding S.r.l., which identifies itself as "one of the largest and most diversified global leaders in the foodservice equipment industry," confirmed that on May 25, 2021, it submitted to the board of directors of Welbilt (WBT) a proposal under which Ali Group would acquire all of the outstanding shares of Welbilt common stock for $23.00 per share in cash.

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This proposal represents a premium of 47.2% to the Welbilt share price as of April 20, 2021, the last trading day prior to The Middleby Corporation's (MIDD) announcement of its pending all-stock transaction with Welbilt, and a premium of approximately 13.9% to the implied value of the Middleby transaction as of May 24, 2021, the last trading day prior to Ali Group submitting its proposal to Welbilt.

Ali Group issued the following statement: "Ali Group has a 60-year history in the foodservice equipment sector and has long-admired Welbilt. Our $23 per share proposal delivers significant cash premium value to Welbilt shareholders and is superior in every respect to Welbilt's pending all-stock transaction with Middleby. In addition to superior value, our proposal offers greater certainty of closing for Welbilt and its shareholders.

We and our advisors look forward to engaging with Welbilt and its advisors to quickly negotiate and finalize a definitive agreement." Ali Group is "highly confident" its 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," the company added.