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Whirlpool & Maytag signs Definitive Merger Agreement

23 Aug '05

4 min read

Maytag shareholders will receive 0.1144 of a share of Whirlpool stock if the average Whirlpool stock price is $91.79 or greater and 0.1398 if it is $75.10 or less; between the two prices, the exchange ratio will vary proportionately.

Howard Clark, Maytag board member since 1986 and lead director, said, “After careful consideration in conjunction with financial and legal advisors and an independent committee of Maytag's board consisting of all non-management Directors, they re-evaluated the transaction with Triton and concluded that the Whirlpool agreement is superior and is in the best interest of shareholders.”

Jeff Fettig, Whirlpool Chairman, President and CEO, said, “The combination of Whirlpool and Maytag will create very substantial benefits for consumers, trade customers and shareholders. This transaction will enable us to achieve significant efficiencies and better asset utilization. It will also allow us to offer a wider range of products to a much broader consumer base.”

“Overall, this transaction will translate into better products, quality and service, as well as efficiencies, which will enhance ability to succeed in the increasingly competitive global home-appliance industry,” added Fettig. “They remain highly confident that will receive regulatory clearance for this transaction in a timely manner.”

Ralph Hake, Maytag Chairman and CEO, said, “This combination brings together two leading organizations with strong traditionsin quality and customer satisfaction. Together, Whirlpool and Maytag will bring substantial benefits to consumers around the world, as well as to shareholders and customers.”

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