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Whirlpool Corp ready to acquire Maytag for $20 per share

09 Aug '05

2 min read

Michigan based home appliances maker Whirlpool Corporation announced it has submitted a binding offer to acquire Maytag Corporation for $20 per Maytag share. The total value of the offer represents a 43 percent premium over the price offered by Triton Acquisition Holding in their current agreement with Maytag. This transaction is valued at $2.6 billion in cash and stock (based on assumed debt of $977 million). Whirlpool's offer is subject to customary conditions including receipt of regulatory approval.

Whirlpool's offer expires at 5:00 p.m. on August 20, 2005, the day after the current date for a meeting of Maytag's shareholders to vote on the Triton Acquisition Merger proposal.

Whirlpool's offer includes a commitment to pay a "reverse break-up fee" of $120 million if the transaction does not close because regulatory approval is not obtained.

Jeff M. Fettig, Whirlpool's Chairman, President and CEO said, "Company binding offer reflects both the value they see in the combination of Whirlpool and Maytag and the confidence they have in the ultimate receipt of regulatory approval for the transaction."

The text of the proposal letter delivered to the CEO and Chairman of the Special Committee of Maytag is included at the end of this press release.

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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