The Battle for the Home Appliance Market Continues

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Whirlpool submits improved offer to $21 per Maytag share
RISMEDIA, August 10 ? Whirlpool Corporation has submitted a revised binding offer to acquire Maytag Corporation for $21 per Maytag share.

The revised Whirlpool offer will continue to consist of 50 percent cash and 50 percent Whirlpool stock and all other material terms of the Whirlpool offer, including the $120,000,000 “reverse breakup” fee, remain unchanged.

The total value of the transaction, including assumed Maytag debt of approximately $977 million, would be approximately $2.7 billion.

Text of the letter containing Whirlpool’s revised offer, which was delivered to the CEO and chairman of the Special Committee of Maytag, and the revised merger agreement, will be filed with the Securities and Exchange Commission.

Whirlpool Corporation has annual sales of over $13 billion, 68,000 employees, and 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.

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Saturday, March 20, 2010