CHICAGO - Illinois Tool Works Inc., a conglomerate known for making dozens of mostly small acquisitions every year, landed an agreement for its biggest deal since 1999 on Thursday when British restaurant equipment supplier Enodis PLC accepted its $2 billion buyout.

The all-cash offer trumped an offer that Enodis agreed to last month from Manitowoc Co. Inc., leading investors and analysts to speculate about a possible bidding war.

Manitowoc, based in the Wisconsin town of the same name, said Thursday it was considering its position and would make an announcement later.

Illinois Tool Works, a Glenview, Ill.-based manufacturer of engineered products with more than 800 business units in 49 countries, made an offer that was 8.5 percent above the Manitowoc bid. Enodis would be its most expensive acquisition since 1999, when it paid $3.8 billion for consumer products maker Premark International.

"The Enodis price seems rich but so did Premark," said Citigroup analyst David Raso in a note to investors, pointing out that the Premark deal proved beneficial.

Manitowoc shares gained $1.89, or 4.9 percent, to $40.30 in trading Thursday in New York, while Illinois Tool shares fell 5 cents to $52.89.

Enodis shares rose 44.75 pence (88 cents), or 18.4 percent, to close at 288.25 pence ($5.66) — above the price of 282 pence per share that ITW is offering. Manitowoc's bid is 260 pence ($5.09) a share.

Acquiring Enodis, which supplies fryer systems to restaurants including McDonald's Corp., would nearly double Illinois Tool's food equipment business and make the combined food equipment business nearly a fifth of its total revenues. The company had $16.3 billion in revenue last year.

Morningstar analyst John Kearney noted that buying a company with $1.6 billion in annual sales amounts to a typical year's worth of acquisitions for Illinois Tool, which bought 40 companies last year.

"They are paying a little bit more for it than they historically do for acquisitions, but it seems like a good deal," he said. "It fits in well with their existing food business."

Both Enodis and ITW said the transaction will create an industry leader in food-service equipment.

"We believe that the combination of ITW food equipment and Enodis will create an expanded global food-equipment platform with very complementary strategic, operational and geographical growth positions," said ITW Chairman and Chief Executive David Speer.

"The collective businesses will have a significantly enhanced product portfolio in addition to greater scale to compete even more effectively and successfully in the global food-equipment industry."

The offer from Illinois Tool Works, which was recommended by Enodis' directors, is conditional on ITW obtaining antitrust clearance from European Union and U.S. regulators by Nov. 4. Executives of the two companies said on a conference call that they expect to close it in August.

Enodis owns a portfolio of 30 brands and its range of food-service products includes cooking equipment, refrigeration units, and ice and beverage dispensing equipment that are used in fast-food restaurants, institutions, grocery stores and supermarkets. It has manufacturing facilities in North America, Europe and Asia, and employs 6,800 workers. The company generates 71 percent of its revenue in the Americas.

"This higher offer underlines the regard which Enodis has built in the global food-service industry," said Enodis Chairman Peter Brooks.

Manitowoc's foodservice division produces ice and beverage dispensers and industrial refrigerators. It has 11,000 to 12,000 employees worldwide.

ITW's food-equipment business comprises washing equipment, cooking and food processing equipment, refrigeration equipment and ventilation and pollution control systems. It employs 60,000 workers in 52 countries.