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Shares of Welbilt Inc (NYSE:WBT) are trading lower after Middleby (NASDAQ:MIDD) announced it will not increase its offer for a potential acquisition of the company. In accordance with the terms of the merger agreement, Welbilt will be required to pay a termination fee of $110 million to Middleby following the expiration of the five-day match period.
Welbilt, Inc., designs, manufactures and supplies foodservice equipment for commercial foodservice market worldwide.
At the time of publication, shares of Welbilt were trading 6.30% lower at $23.35. The stock has a 52-week low of $5.74 and a 52-week high of $25.19.
