London Briefing: Aga saga heats up as Whirlpool emerges as rival for Middleby - Irish Times
Now Aga is embroiled in its own saga, as two giant American industrial companies battle for control of the business, Aga Rangemaster. Chorus of complaints In July, the company said it had accepted a £129 million (about €175 million) takeover offer from the Illinois-based food services business Middleby , sparking the usual chorus of complaints about another famous British name... Aga shareholders had been due to give their approval to the deal in the next few days but now Whirlpool , the world’s biggest appliance manufacturer, has emerged as a potential rival. In June, before Aga revealed the initial approach from Middleby, its shares were languishing at little more than 100p. The Middleby terms are 185p a share. Whirlpool has not revealed the price it would be prepared to pay for Aga, but is taking a look at the company’s books. For now, Aga is sticking to its original advice that shareholders accept the recommended Middleby offer, but that would change if the rival buyer came up with a higher offer. Source: www.irishtimes.com
