AGA Rangemaster shareholders agree Middleby offer

SHAREHOLDERS of AGA Rangemaster have backed the approach for the company from US group, the Middleby Corporation.

Middleby has proposed a £129m offer for Leamington-based AGA, which had been thought to be the only offer on the table until an eleventh hour approach by US rival, Whirlpool.

Under a deadline set by the Takeover Panel, Whirlpool has until Monday (September 14) to say whether it intends making an offer for the company.

However, under a prior timetable agreed between AGA and Middleby, a recommendation to approve the latter’s offer had been tabled for a general meeting yesterday.

The special resolution put to the meeting was to authorise the directors of AGA to take any and all action necessary to put the scheme into full effect.

The resolution was passed by a majority of 86.40% to 13.60%.

Middleby had said in a statement prior to the vote that it urged AGA shareholders to consider the motivations behind the Whirlpool approach, adding that there could be no guarantee that an offer from the domestic appliance giant would even be forthcoming.

The ball is now back in Whirlpool’s court. Should it decide to submit a competing bid then AGA will have to take the approach back to its shareholders for a fresh vote.

In the meantime, both AGA and Middleby have agreed that the timetable for the only – as yet – offer submitted will continue as planned.