Welbilt Inc. WBT, 0.13% announced Wednesday an agreement to be acquired by Ali Group S.r.l. in a cash deal that values the foodservice equipment company at about $3.40 billion. Under the terms of the agreement, Italy-based Ali Group will pay $24 for each Welbilt share outstanding. Welbilt had about 141.92 million shares outstanding as of May 3. That price is 3.1% above Tuesday’s closing price of $23.28 and was deemed “superior” to the all-stock buyout bid from Middleby Corp. MIDD, -0.49% made in April. Welbilt’s stock rose 0.3% in morning trading, while Middleby shares climbed 1.1%. Welbilt’s stock has now run up 76.7% year to date, while the S&P 500 SPX, -0.61% has tacked on 16.6%.  Source: MarketWatch