Ali Group, an international provider of foodservice equipment, submitted a proposal to the board of directors of Welbilt under which it would acquire all of the outstanding shares of Welbilt common stock for $23 per share in cash.

The proposal represents a premium of 47.2% to the Welbilt share price as of April 20, the last trading day prior to The Middleby Corporation’s announcement of its pending all-stock transaction with Welbilt, and a premium of approximately 13.9% to the implied value of the Middleby transaction as of May 24, the last trading day prior to when Ali Group submitted its proposal to Welbilt.

Ali Group has cash on hand and has received a highly confident letter from Goldman Sachs for new financing to fund the proposed transaction. Ali Group will obtain fully underwritten, binding commitment letters for any debt financing prior to signing a definitive merger agreement, which will not contain any financing condition. Ali Group is also confident its proposed transaction will obtain all necessary regulatory approvals in a timely manner without the uncertainty created by the antitrust provisions contained in the Middleby transaction.

Goldman Sachs is serving as Ali Group’s financial advisor and Alston & Bird is acting as legal advisor.