Hints and tips:
...Advanced Threat Research team hacked the Mobileye camera system in two Tesla models, fooling it into thinking a 35mph speed limit sign read 85mph, suggesting Tesla's Speed Assist and Automatic Cruise Control (TACC...
...ITW shares rose 3.6 per cent to $59.67....
...About 58 per cent of ITW’s revenues come from international sales and 55 per cent of its production is outside the US....
...“This new forecast assumes a total company revenue decrease of 7 per cent to 9 per cent,” ITW said....
...The catering equipment maker recommended an offer of 282p a share from ITW, including 2p in lieu of dividend – 12p higher than the amount it advised its shareholders to accept two weeks ago....
...But while ITW is still interested, the lack of clarity over how the bidding process will unfold may keep ITW in a holding pattern....
...decided unanimously to recommend the offer from ITW to shareholders.”...
...The Wisconsin-based ice-machine and crane supplier put in a final sealed bid of 328p a share to beat ITW....
...That offer, however, did not close the door on ITW making a counter bid....
...Enodis shares closed up 44¾p to 288¼p, an 18 per cent jump and well above ITW’s offer price. ITW was up slightly in midday trading in New York. Manitowoc was up 4 per cent....
...ITW said it would consider its position and issue a statement in due course....
...Over the past week, shares of Enodis have traded just shy of 310p on expectations that ITW might make a higher offer....
...ITW said on Monday it was considering its position....
...Enodis accepted an offer of 280p a share from ITW in early May before backing a 294p-a-share counter offer from Manitowoc shortly after, which valued Enodis at £1.08bn ($2.13bn)....
...The latest on Thursday, - ITW, otherwise known as Illinois Tool Works, unveils recommended £1.03bn cash bid for Enodis, worth 282p a share. Statement. (Finally!, notes Markets Live pundit Neil Hume....
...ITW has agreed to bid an odd-numbered price while Manitowoc must bid an even figure to avoid a tie. But is the single-bid auction system the most rational for the vendor and bidders?...
...Mr McCulloch declined to comment on whether or not Manitowoc might come back to the table to trump ITW’s 282p a share agreed bid, pitched ahead of Manitowoc’s previously agreed bid of 260p....
...Even though a counterbid by Manitowoc looks unlikely at these levels, investors have pushed Enodis’s share price above the value of ITW’s offer....
...The broker notes that ITW Middleby and Manitowoc could all be interested and that Aga’s new broker, Citigroup, has “an excellent track record of putting deals to bed in this market capitalisation space.”...
...ITW’s upgrade highlighted the upside of foreign motor manufacturers’ continued sales gains at the expense of domestic rivals, which helped lift motor output in the Midwest by 1.1 per cent in February....
...However, with others including US groups ITW, UTC and Manitowoc said to be monitoring the situation, traders remained hopeful that a bid battle could push the take-out price higher....
...Danaher’s bid was pitched at a 17 per cent premium to ITW’s. Its offer for First Technology, which makes gas sensors and crash-test dummies, is 20 per cent higher than Honeywell’s....
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