Tue, 01 Sep 2015 | BUSINESS SALE
Aga Rangemaster has reportedly been approached by two US companies who are interested in buying the business.
The firm, which makes cast-iron cookers commonly associated with country life, made an agreement in July to sell itself to US food services business Middleby for £129 million in cash.
However, Whirlpool, the world's largest appliance maker, has since got in touch with Aga to express its interest in a cash bid too.
Aga has allowed Whirlpool access to its books to enable them to make a formal bid but if no such offer is received in the next few days, a sale to Middleby is due to be approved by shareholders on 8 September.
Aga commented: “The board of Aga retains the ability to adjourn the sanction hearing if it receives an offer from Whirlpool prior to this deadline which it would intend to recommend to Aga shareholders or if it otherwise considers an adjournment necessary.”
The British company employs some 2,500 people across its plants in Leamington Spa, Ketley and Eaton. It also owns the Fired Earth tiles and decoration business but is primarily known for its high end cookers, which retail in the region of £10,000 to £15,000.
There is no certainty that Whirlpool will be able to make its offer as it will be subject to compliance and competition checks first but Aga remains open to the possible offer for now.
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