3rd Sep 2015 07:26
LONDON (Alliance News) - The Middleby Corp on Thursday noted the announcement by the UK Takeover Panel to put a deadline on Whirlpool Corp's potential rival takeover bid for AGA Rangemaster Group PLC, saying its own bid remains on track and asking AGA shareholders to question why Whirlpool had made its offer.
AGA agreed to a GBP129.0 million takeover offer from Middleby back in July and that deal has been progressing towards completion, with AGA Rangemaster and Middleby shareholders both set to vote on approving the deal next week.
On Tuesday, however, Whirlpool, the US home appliances manufacturer, confirmed that it has made a cash approach to buy AGA, adding a twist to the takeover saga for the company, which makes the AGA and Rayburn range cookers and Fired Earth kitchen and bathroom products.
On Thursday, Middleby said it "encourages AGA shareholders to consider the motivations of the approach by Whirlpool, in particular why it has waited until this late stage in the process to approach AGA," adding AGA shareholders should be "wary" that there is no certainty that Whirlpool will make an offer.
Its statement comes after the UK's Takeover Panel on Wednesday said Whirlpool will have until September 14 to make a firm bid for AGA or walk away.
Shares in AGA were up 0.7% to 209.38 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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