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Aga saga: Middleby urges shareholders to rebuff Whirlpool Aga saga: Middleby urges shareholders to rebuff Whirlpool
(about 5 hours later)
The bidding war for Aga Rangemaster, the maker of cast-iron cookers, heated up as one of its US suitors, Middleby, urged the UK company’s shareholders to approve its agreed acquisition and to be “wary” of the rival approach. The bidding war for Aga Rangemaster, the maker of cast-iron cookers, heated up as one of its US suitors, Middleby, urged the UK company’s shareholders to approve its agreed acquisition and to be “wary” of a rival’s approach.
Aga, based in Leamington Spa, agreed in July to sell itself to food services group Middleby for £129m in cash. In the last few days, another US suitor has entered the frame: Whirlpool, the world’s largest appliance maker, approached Aga about a possible cash bid. The stove maker opened its books to help the US company decide whether to make a formal offer.Aga, based in Leamington Spa, agreed in July to sell itself to food services group Middleby for £129m in cash. In the last few days, another US suitor has entered the frame: Whirlpool, the world’s largest appliance maker, approached Aga about a possible cash bid. The stove maker opened its books to help the US company decide whether to make a formal offer.
In a statement to the London stock exchange, Middleby questioned Whirlpool’s motivation, “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.” In a statement to the London stock exchange, Middleby questioned Whirlpool’s motivation, “in particular why it has waited until this late stage in the process to approach AGA”. It added: “Middleby urges Aga shareholders to be wary that there is no certainty Whirlpool will ultimately make any offer.”
The US firm noted that any offer from Whirlpool will be subject to a number of conditions, as Aga has stated, while Middleby’s acquisition “has no regulatory or anti-trust conditions”. This means that if the takeover is approved, shareholders will be paid within 14 days of the expected effective date of 23 September. The US firm noted that any offer from Whirlpool would be subject to a number of conditions, as Aga had stated, while Middleby’s acquisition had “no regulatory or anti-trust conditions”. This means that if the takeover were approved, shareholders would be paid within 14 days of the expected effective date of 23 September.
Aga’s shareholders are due to meet on 8 September to vote on the acquisition. It would be the latest traditional British brand to pass into foreign ownership: Rolls-Royce cars are now made by Germany’s BMW, Weetabix is owned by China’s Bright Food and Baring Private Equity Asia, and Cadbury was sold to US food giant Kraft in 2010. Aga’s shareholders are due to meet on 8 September to vote on the acquisition. It would be the latest traditional British brand to pass into foreign ownership: Rolls-Royce cars are now made by Germany’s BMW, Weetabix is owned by China’s Bright Food and Baring Private Equity Asia, and Cadbury was sold to the US food company Kraft in 2010.
The battle to gain control of Aga has pitted two big US appliance makers against each other. Illinois-based Middleby, founded in 1888 as a bakery supplier, makes kitchen equipment for restaurants and households and has been on an acquisition spree in recent years. Whirlpool, founded in Michigan in 1911 as Upton Machine Company, has annual sales of $20bn (£13bn). Its brands in the US include Maytag, Kitchen Aid and Jenn-Air. In the UK, Whirlpool sells washing machines, dishwashers and other appliances under its own brand. The battle to gain control of Aga has pitted two big US appliance makers against each other. Illinois-based Middleby, founded in 1888 as a bakery supplier, makes kitchen equipment for restaurants and households and has been on an acquisition spree in recent years.
Beloved of Britain’s rural middle class, the Aga was actually not invented here but by the blind Nobel Prize-winning Swedish physicist Gustaf Dalén in 1922. He created a cast-iron cooker capable of doing different kind of cooking simultaneously, through its two large hotplates and two ovens. Agas quickly became popular in country houses after manufacturing started in Britain under licence in 1929. Whirlpool, founded in Michigan in 1911 as Upton Machine Company, has annual sales of $20bn (£13bn). Its brands in the US include Maytag, Kitchen Aid and Jenn-Air. In the UK, Whirlpool sells washing machines, dishwashers and other appliances under its own brand.
Aga and Rangemaster cookers sell for up to £15,000. The company also owns the upmarket Fired Earth tiles and home decoration chain. It claims the oldest Aga cooker still in operation was first installed in 1932. Beloved of Britain’s rural middle class, the Aga was actually not invented here but by the blind Nobel Prize-winning Swedish physicist Gustaf Dalén, in 1922. He created a cast-iron cooker capable of doing different kind of cooking simultaneously, through its two large hotplates and two ovens. Agas quickly became popular in country houses after manufacturing started in Britain under licence in 1929.
Aga and Rangemaster cookers sell for up to £16,000. The company also owns the upmarket Fired Earth tiles and home decoration chain. It claims the oldest Aga cooker still in operation was first installed in 1932.
Aga employs 2,500 people in seven countries, including more than 2,000 at its factories with the remainder in the shops. Its main factory is in the Shropshire village of Coalbrookdale, where it has been making cookers since 1946. It also manufactures at Leamington Spa, Long Eaton, in Derbyshire, and Ketley, in Shropshire, as well as in Ireland, France, Romania, and Michigan in the US.