Whirlpool Appliances Proposes Maytag Buyout

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July 18, 2005

Whirlpool Appliances Proposes Maytag Buyout

Seattle, WA, USA--(Jobwerx News)--Major home appliances manufacturer Whirlpool proposes company takeover of Maytag Corporation.

Whirlpool Corporation announced that it has made a proposal to acquire Maytag Corporation for $17 per Maytag share. The total value of the proposal represents a 21% premium over the price offered by Triton Acquisition Holding in their current agreement with Maytag. This transaction is valued at $2.3 billion in cash and stock (based on assumed debt of $969 million). Whirlpool’s proposal is subject to the satisfactory completion of due diligence and negotiation of a mutually acceptable definitive merger agreement.

“This transaction will provide Maytag shareholders with superior value compared to the current offer,” said Jeff M. Fettig, Whirlpool’s chairman, president and CEO. “Equally important, the combination fits Whirlpool’s strategy and capabilities, will create strong value for our shareholders and provide direct benefits to consumers and trade customers.”

The company has scheduled a conference call to discuss the Maytag proposal with members of the financial community at 11:00 a.m. (EDT) on Monday, July 18. Individuals who would like to participate in the Maytag proposal conference call should call (877) 502-9274 and use confirmation code 6451879. International participants should call (913) 981-5584 and use confirmation code 6451879.

The proposal represents a "Company Takeover Proposal" that clearly meets the standards set forth in Section 5.02(c) of the existing merger agreement. First, it is more favorable to Maytag shareholders from a financial point of view than the pending sale. Second, it is reasonably capable of being completed, taking into account all financial, regulatory, legal and other aspects of the proposal. Accordingly, it allows Maytag to provide us with due diligence and to participate in negotiations and discussions with Whirlpool.

Full text of the proposal letter delivered to the CEO and Chairman of the Special Committee of Maytag is available on their website.

Whirlpool also announced that, based on its assessment of the current environment, it continues to expect full-year 2005 earnings per share of $5.90 to $6.10, cash provided by operating activities of approximately $860 million, and free cash flow in the $250 to $300 million range

Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances, with annual sales of over $13 billion, 68,000 employees, and nearly 50 manufacturing and technology research centers around the globe. The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.

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