Whirlpool Circles Aga To Create Takeover Race

Aga Rangemaster (LSE: AGA.L - news) , the UK-based maker of range cookers, could soon find itself the subject of a bidding war between two American companies.

Aga confirmed on Tuesday it had been approached by the world's biggest appliance maker, Whirlpool (NYSE: WHR - news) , weeks after it had accepted a £129m cash bid from Middleby (NasdaqGS: MIDD - news) .

That deal is due to be considered by shareholders next week and complete a week later.

The offer from Middleby, a food services firm, was still supported by the Aga board in the absence of a firm bid from Whirlpool, Aga said.

"The board of Aga believes it is in the best interests of Aga shareholders, taken as a whole, to ensure that the Middleby transaction continues to be executed on the current timetable to avoid any delay to completion of that transaction should a firm offer from Whirlpool not be forthcoming."

Aga is in talks with the UK Takeover Panel to set a "put up or shut up" deadline for Whirlpool to make a firm bid or walk away.

The company, which began manufacturing its iron-made ranges in 1929 and also owns the Fired Earth home decor operation, had signalled early this year that it was considering its future development.

It (Other OTC: ITGL - news) currently employs around 2,500 people across its business (Other OTC: UBGXF - news) .