(FORTUNE Magazine) – White Consolidated Industries rejected a proposed $711-million takeover bid by AB Electrolux of Sweden. The Cleveland-based appliance maker even sought without success to get a court injunction against the offer, accusing Electrolux of unspecified security law violations. Financial analysts speculated, however, that White was simply stalling for time, holding out for a more attractive suitor or a higher bid. Electrolux (no relation to the U.S. company) already markets Eureka vacuum cleaners and Tappan kitchen appliances in the U.S. But it would like to sell a complete line of products in America. Says Charles Ryan, an analyst with Merrill Lynch: in.There's not a lot of foreign competiton in the U.S. appliance market, mainly because of differences in product sizes and voltage specifications. The most reasonable way for foreign companies to sell in the U.S. is to buy a U.S. manufacturer.'' He expects other foreigners to follow Electrolux. White is the third-largest U.S. appliance company (after General Electric and Westinghouse), and it is probably worth more than Electrolux initially offered. In the three days after the Electrolux offer was announced, White's stock price shot up from $38.50 a share to $48, $3 higher than Electrolux's initial bid. If White is looking for a knight of the same color, it may just find one in another foreign company, Matsushita of Japan. White makes a line of refrigerators and ranges that it will market jointly with Matsushita in the U.S. under the Panasonic label.