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July 23, 2005
Appliances Leader Whirlpool
Sweetens Takeover Bid
Seattle, WA, USA--(Jobwerx News)--Amended proposal by major home appliances
leader Whirlpool increases value to acquire Maytag.
Whirlpool Corporation announced that the company has increased the value
of its proposal to acquire Maytag to $18 per Maytag share from $17 per
share. Their initial proposal
earlier this week was a a 21% premium over the price offered by Triton
Acquisition Holding.
“By delaying a prompt response and failing to recognize the clearly superior
value of our July 17 proposal, the Maytag Board of Directors has jeopardized
this important opportunity for consumers, trade customers and shareholders
of both Maytag and Whirlpool,” said Jeff M. Fettig, Whirlpool’s chairman,
president and CEO. “This amended proposal includes additional terms that
we believe should fully address any concerns of the Maytag Directors.”
The amended proposal of $18 per Maytag share is a 29 percent premium to
Maytag shareholders compared to the Triton offer. The details of the amended
proposal has been delivered to the Maytag Board. The letter reinforces,
(that is available on their website), the Company’s continuing strong
belief that the proposed transaction will receive antitrust clearance
and has overwhelming support from trade customers.
Fettig added: “This proposal is the best solution with clearly superior
value compared to the Triton offer. I expect the Maytag Board of Directors
to do what’s best for Maytag shareholders and immediately and fully support
this proposal.”
Whirlpool is not currently engaged in a solicitation of proxies from the
stockholders of Maytag in connection with Whirlpool's proposed acquisition
of Maytag.
If a proxy solicitation commences, Whirlpool, Maytag and their respective
directors, executive officers, and other employees may be deemed to be
participants in such solicitation.
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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