US firms gearing up for battle over Aga

So far, though, only the smaller of the company's two suitors has made a move.

Shareholders agreeing to Middleby's takeover bid for Aga certainly appear to put the Illinois-based company in the lead in the contest to take over the Shropshire manufacturer.

But, to borrow from the parlance of football, this is the embryonic league table. This is Arsenal topping the division when Manchester City have still to play.

Shareholders may have agreed to the Middleby offer, and as a result that company has the upper hand in the battle for Aga's future.

If no offer emerges between now and Monday, then Middleby's £129 million bid will be waved through the following day, and the future of the business, and its under-pressure pensions scheme, will be settled with the stroke of a pen.

Whirlpool is the bigger and richer of the two businesses, boasting turnover worth almost 10 times its rival's, but the money needed to bring Aga into the fold would not be beyond the means of either.

Such a move would provide a strong, well-recognised brand on which to build a European operation. As such, it would hardly be a surprise to see Whirlpool dip into its pockets and make a bid for Aga.

Even then, with some analysts considering the £129 million offer from Middleby to be on the low side, there's a chance that Middleby could hit back and spark a full-scale bidding war.

Shares were continuing to trade for 205p yesterday, well ahead of the 185p offer on the table, suggesting that shareholders believe this to be a fight that has only just begun.

With analysts suggesting that a bid from Whirlpool, the 20 billion US dollar-turnover Michigan business, could add another 50p to the offer price, it may just be a gamble worth taking.