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30th June 2020
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Whirlpool pulls plug on potential purchase of Aga Rangemaster
Whirlpool Corporation, which had made an eleventh hour bid to buy iconic British brand Aga Rangemaster, has withdrawn, leaving US commercial foodservice, food processing and residential kitchen equipment giant the Middleby Corporation to go ahead with the bid it made in July.
In a statement made last Friday, 11th September, Whirlpool said:
"On 1 September 2015, Whirlpool confirmed that it had made an approach regarding a possible offer for Aga. Whirlpool today announces that, after full and careful consideration, it does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of Aga."
That may not be the end of the matter should Middleby drag its heels, since Whirlpool continued:
"As a result of this announcement, Whirlpool will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the Code (Ed: the City's code regarding takeovers). However, Whirlpool reserves the right to make or participate in an offer for Aga (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 on Rule 2.8 of the Code."
KBzine understands that Middleby is offering Aga shareholders 185p cash per share - a 77% premium on the company's trading price before the potential offer was disclosed.
18th September 2015