Advertisement

Whirlpool Circles Aga To Create Takeover Race

Whirlpool Circles Aga To Create Takeover Race

Aga Rangemaster, the UK-based maker of range cookers, could soon find itself the subject of a bidding war between two American companies.

Aga confirmed on Tuesday it had been approached by the world's biggest appliance maker, Whirlpool, weeks after it had accepted a £129m cash bid from Middleby.

That deal is due to be considered by shareholders next week and complete a week later.

The offer from Middleby, a food services firm, was still supported by the Aga board in the absence of a firm bid from Whirlpool, Aga said.

"The board of Aga believes it is in the best interests of Aga shareholders, taken as a whole, to ensure that the Middleby transaction continues to be executed on the current timetable to avoid any delay to completion of that transaction should a firm offer from Whirlpool not be forthcoming."

Aga is in talks with the UK Takeover Panel to set a "put up or shut up" deadline for Whirlpool to make a firm bid or walk away.

The company, which began manufacturing its iron-made ranges in 1929 and also owns the Fired Earth home decor operation, had signalled early this year that it was considering its future development.

It currently employs around 2,500 people across its business.