Iowa based kitchen appliances and clothes washers, Maytag Corporation announced its Board of Directors has determined that Whirlpool Corporation's revised proposal, announced on July 22, may reasonably be expected to lead to a transaction that is financially superior to Maytag's pending transaction with the Ripplewood-led Triton Acquisition group and that is reasonably capable of being completed.
Under Maytag's existing merger agreement with Triton Acquisition, this determination is a prerequisite for Maytag to furnish information to, and have discussions and negotiations with, Whirlpool.
Maytag stated that, in reaching its determination, the Board took into account Whirlpool's representation as to a complete lack of opposition to the transaction from the top 20 trade customers and buying groups, including the top four retailers and top three buying groups that represent 90 percent of retail appliance sales.
Maytag said that it expects that the terms of a definitive agreement, if any, with Whirlpool will take into account the risks to Maytag of non-consummation, Whirlpool's assertion that the antitrust clearance process can be completed by the end of 2005, and Whirlpool's overwhelming confidence that there is no antitrust problem in a Maytag/Whirlpool combination. For example, Whirlpool has publicly stated that the transaction poses "no risk to competition," that it is "not motivated by, nor could it produce, anticompetitive effects," and that "thereis no plausible concern that
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