Whirlpool has an offer of $2.3 Billion for Maytag

Whirlpool has an offer of $2.3 Billion for Maytag

Whirlpool Corporation has expressed desire to acquire the fellow appliance maker Maytag Corp. for $1.37 billion in cash and stock. The offer came unexpectedly on Sunday and it tops the already existing offer that Maytag accepted from an investment group. The company has offered $17 per share for Maytag, which is a premium of around 21% over the offer by the Triton Acquisition Holding Co. The company also promised to assume Maytag’s debt of $969 million.

Jeff M. Fettig, Whirlpool’s chairperson, president and chief executive spoke to the media about their offer. He said that the merger of the two companies fits their plans for the company and it will create strong value for our shareholders and provide direct benefits to consumers and trade customers. Maytag is yet to comment on this surprising offer considering it was a holiday.

Whirlpool has also planned a conference call Monday morning to discuss the proposal. Maytag on their part have already agreed to be acquired by Triton, an entity organized by the New York investment firm Ripplewood Holdings LLC investor group. Their offer was $14 per share with the deal worth around $1.13 billion.

Another possible bid that Maytag was considering was a preliminary $1.28 billion bid from a Chinese conglomerate called Haier America.