Whirlpool to Acquire Maytag

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Maytag Corp. has signed a formal agreement to be acquired by its larger appliance making rival Whirlpool Corp. for more than $1.7 billion in cash and stock, the company said Monday.


Under terms of the deal, Maytag will be acquired for $21 a share. Whirlpool is also assuming $977 million of Maytag debt.


Prior to signing the Whirlpool agreement, Maytag terminated its earlier deal to be acquired for $1.13 billion, or $14 a share, by a New York-based investment group led by Ripplewood Holdings. Maytag paid the $40 million termination fee, and is being reimbursed by Whirlpool.


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