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Whirlpool ups share value $18 per for Maytag acquisition

Jul '05
Michigan based home appliances maker Whirlpool Corporation announced the company has increased value of its proposal to acquire Maytag to $18 per Maytag share from $17 per share.

“By delaying a prompt response and failing to recognize the clearly superior value of their 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 are contained in a letter (attached to this release) that has been delivered to the Maytag Board. The letter reinforces 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.”

World's leading home appliances manufacturer and marketer Whirlpool Corporation with annual sales of over $13 billion, 68,000 employees. The Company has 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.

Whirlpool Corporation

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