5/28/2021, 4:28 PM (Source: TeleTrader)
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Kitchen equipment maker Welbilt jumps 18% after acquisition report

The kitchen equipment maker Welbilt Inc. soared more than 18% on Friday after reports that Italy's Ali Group has offered $3.3 billion to acquire it, allegedly outbidding the firm's rival, Middleby Corporation, by more than $400 million.

A report, issued by The Wall Street Journal, revealed that Welbilt received an all-cash offer from Ali Group to acquire the company for $23 per share.

Welbilt's shares surged 18.57% at 10:27 am ET, selling for $23.62.

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