Aga Rangemaster tumbles as Whirlpool pulls offer

Shares in Aga Rangemaster tumbled at the open after Whirlpool said late on Friday that it does not intend to make an offer the company.

“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,” the company said.

Aga shares surged at the beginning of the month after it announced that it had received an approach regarding a possible cash offer from Whirlpool.

With Whirlpool now officially out of the picture, it looks as though US food services business Middleby has won the race. Aga’s shareholders approved a £129m cash offer by Middleby on Tuesday.

Aga is based in Leamington Spa and makes cast-iron cookers that are popular in the UK.

At 0806 BST, shares were down 12.3% at 184.25p.