Whirlpool confirms it will not bid for AGA Rangemaster

US domestic appliance giant Whirlpool has confirmed it will not be making an offer for Midlands-based range cooker and boiler manufacturer and retailer AGA Rangemaster.

Under guidelines set by the Takeover Panel the company had until today to confirm whether it intended to make an offer for the British company after making a late approach earlier this month.

The decision clears the way for the takeover of AGA Rangemaster by fellow US group, the Middleby Corporation in a deal worth £129m.

AGA shareholders agreed to back the Middleby offer last week despite then not knowing whether Whirlpool intended to make an offer.

Whirlpool confirmed its decision on a brief announcement to the London Stock Market.

It said: “On September 1, 2015, Whirlpool confirmed that it had made an approach regarding a possible offer for AGA. Whirlpool today announces that, after full and careful consideration, it does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of AGA.”

As a result of this announcement, Whirlpool will, except with the consent of the Takeover Panel, be bound by the confidentiality restrictions.

However, it has reserved the right to make or participate in an offer for AGA within the next six months should circumstances change.

The decision means the Middleby acquisition will now proceed as laid down by a timetable agreed between itself and the AGA board.