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Aga bidder Middleby moves to head off rival approach

Published: 20:10 03 Sep 2015 AEST

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Aga, backed by model Daisy Lowe, is facing a bid battle

The US company bidding for Aga Rangemaster (LON:AGA) fired a shot across the bows of rival bidder Whirlpool as it urged the cooker maker's investors to accept its offer.

Middleby Corp, which has offered 185p per share for Aga, issued a statement confirming it was pressing ahead with its recommended bid despite Whirlpool's interest.

US appliance maker Whirlpool announced on September 1 that it had approached Aga about a possible alternative offer.

But Middleby noted that any offer from Whirlpool would be subject to conditions and there was no certainty that a formal bid would materialise.

"By contrast, Middleby's acquisition has no regulatory or anti-trust conditions," it said.

It added: "Middleby 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.

"Middleby urges Aga shareholders to be wary that there is no certainty Whirlpool will ultimately make any offer."

Aga shareholder meetings to pave the way for the acquisition of Aga by Middleby are due to be held on September 8.

"Middleby encourages all scheme shareholders to vote in favour of the scheme at the court meeting and Aga shareholders vote in favour of the special resolution to be proposed at the Aga general meeting," it said.

Aga shares were up 0.63p at 208p in mid-morning trading in London.

 

 

 

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