Why Welbilt Shares Are Trading Higher Today

Welbilt WBT shares are trading higher following a report competitor Ali Group has made a $23/share cash bid for the company.

The WSJ reported Welbilt, which previously agreed to be acquired by Middleby MIDD for $2.9 billion, has received a higher $3.3 billion offer from competitor Ali Group. WSJ cited people famliar with the matter. 

Welbilt, Inc., designs, manufactures and supplies foodservice equipment for commercial foodservice market worldwide.

At the time of publication, Welbilt shares were trading 20.1% higher at $23.92. The stock has a 52-week low of $5.21 and a 52-week high of $25.02.