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AGA Rangemaster Gets Rival Takeover Bid For Whirlpool

Tue, 01st Sep 2015 06:57

LONDON (Alliance News) - AGA Rangemaster Group PLC Tuesday said it has received an approach regarding a possible cash offer for the company from US home appliances firm Whirlpool Corp.

AGA Rangemaster, which makes brands including AGA and Rayburn range cookers and Fired Earth kitchen and bathroom products, already agreed a GBP129 million takeover offer from US kitchen products company Middleby Corp in July, which was expected to complete by September 23.

On Tuesday, AGA Rangemaster said that the making of a firm offer by Whirlpool "remains subject to a number of conditions and that there is no certainty that any offer will be forthcoming or as to the terms of any offer".

It added that it will ensure that the Middleby transaction continues to be executed on the current timetable to avoid any delays to completion should a firm offer from Whirlpool not be made.

Whirlpool Corp confirmed its approach to make a possible cash offer for AGA Rangemaster in a separate statement, and said that a further announcement will be made in due course.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews