The UK Takeover Panel late Wednesday said that Whirlpool has until 1700 BST on Monday, September 14 to either announce a firm intention to make an offer for AGA Rangemaster Group or announce that it does not intend to make an offer.
In a bit of a shock AGA Rangemaster said that it had received an approach from Whirlpool regarding a possible cash offer for the company. AGA already had agreed a GBP129 million takeover offer from US kitchen products company Middleby Corp in July.
AGA said that receipt of a firm offer from 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”.
AGA 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.
On Wednesday, the UK Takeover Panel noted that AGA’s shareholder meeting to approve the acquisition by Middleby is due to be held on Tuesday next week, while the court sanction hearing in respect of the scheme of arrangement is due to take place on September 16