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Welbilt, Inc. 

Merger

  • Date:
  • 7/14/2021
  • Company Name:
  • Welbilt, Inc.
  • Stock Symbol:
  • WBT
  • Company Name - Buyer:
  • Ali Holding S.r.l.
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 7/14/2021

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NEW YORK, July 15, 2021 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Welbilt, Inc. (NYSE: WBT) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed sale to Ali Holding S.r.l (“Ali Group”).

On July 14, 2021, Welbilt announced that it had entered into an agreement to be acquired by Ali Group in a transaction valued at approximately $4.8 billion.  Pursuant to the merger agreement, Welbilt stockholders will receive $24 in cash for each share of Welbilt common stock owned.  The deal is scheduled to close in early 2022.

In connection with the agreement with Ali Group, Welbilt also announced that it terminated the prior merger agreement it had entered into with The Middleby Corporation. As part of the termination of that agreement, Ali Group (on behalf of Welbilt) will be paying The Middleby Corporation at $110 million termination fee.

Bragar Eagel & Squire is concerned that Welbilt’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement.  Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Welbilt’s stockholders.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Welbilt. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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