AGA Rangemaster Gets Possible Cash Offer From Whirlpool - Quick Facts

(RTTNews) - Aga Rangemaster Group Plc. (AGA.L), a specialist in range cooking and kitchen living, announced Tuesday that it has received an approach regarding a possible cash offer from Home appliances giant Whirlpool Corp. (WHR). Aga Rangemaster has granted due diligence access to Whirlpool and is in discussions regarding other aspects of the possible offer.

The company said 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.

In July, Middleby Corp. (MIDD) announced the terms of a recommended cash deal to buy Aga Rangemaster for 185 pence. The Board of AGA continues to recommend the offer made by Middleby to AGA Shareholders.

The Company is in discussions with the UK Takeover Panel to set a deadline under which Whirlpool will be required, to either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer.

The Panel will make an announcement of the deadline in due course. Assuming AGA Shareholders approve the resolutions to be considered at the Court Meeting and AGA General Meeting, the Board of AGA will consider whether to proceed with the sanction of the Middleby Scheme on September 16 in light of the situation at that time.