Another chapter in the 90-year Aga saga has been completed as it agreed a £129 million takeover bid from a US rival Middleby.
The deal should ensure Agas — advertised by Daisy Lowe — continue to be manufactured in the UK but have access to Middleby’s larger markets, provide security for its 2500 employees and, perhaps most importantly, reassurance to the 12,500 members of its £867 million pension fund which had a deficit of £69 million.
“This is a very good day because we feel it resolves the pension issue which has dominated this business,” said the business’s chief executive William McGrath.
“It is good news for all the products we have developed and brought to fulfilment in recent years and for the brand and our employees.”
Middleby is paying 185p a share for Aga, which is a 77% premium over the price the day before it revealed the bid approach last month.
It will also inject £20 million into the pension fund. Aga Rangemaster shares rose 30p to 182p.
