Shares in kitchen appliance company Aga (LON:AGA) rose by nearly 12 percent this morning after an approach from US manufacturer Whirlpool for a cash offer.

In July, Aga accepted an offer from US firm Middleby in a deal valued at £129 million, a bid that Whirlpool has agreed to challenge.

In a statement, Aga made it clear no offer had been accepted:

“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.”

The UK company has agreed to a buyout as its funding deficit threatened to overtake its market value. Shares are currently trading up 9.6 percent at 201 pence per share.