Aga shares have been temporarily suspended ahead of expected announcement on takeover bid from Middleby
Shares in upmarket oven-maker Aga Rangemaster have been temporarily suspended after it reached an agreement with US company Middleby recommended offer for the acquisition of the upmarket oven-maker.
"On 8 September, the [deal] was approved by the scheme shareholders at the court meeting", it said in a statement of the London Stock Exchange today.
The firm, whose iconic iron stoves are synonymous with the British middle class, found itself in the middle of a tussle between two suitors: US company Middleby and appliances giant Whirlpool.
Aga had agreed a £130m takeover with Middleby – but this was then gatecrashed by Whirlpool which made a possible cash offer.
The board stood its ground and recommended investors accept Middleby’s offer, saying it would be pushing ahead with the first option and suggesting that Whirlpool’s offer could fall through.
"The making of a firm offer by Whirlpool remains subject to a number of conditions and there is no certainty that any offer will be forthcoming or as to the terms of any offer," it said at the time.
It turned out that the board were right, as Whirlpool withdrew its 11th-hour bid for the company on Friday, paving the way for a deal with Middleby.