December 23, 2005 |
Maytag Corp. shareholders approved its acquisition by larger rival Whirlpool Corp. in a $1.68-billion transaction that would create the world's largest appliance maker. Whirlpool won a three-month bidding contest in August that lifted the per-share offer price for Maytag by 50% to $21. The Justice Department still must decide whether the Maytag acquisition gives Benton Harbor, Mich.-based Whirlpool control of too much of the U.S. appliance market. The purchase is expected to close in February.
December 6, 2005
* Verizon Communications Inc. said it would cut pension benefits for managers, saving the company $3 billion before taxes over 10 years after costs of $60 million in the fourth quarter to reflect the changes and increases in payments to savings plans. * Liberty Media Corp., owner of the QVC home shopping network, agreed to buy Provide Commerce Inc. for $477 million to add flowers and meat to the goods it sells online. * HealthSouth Corp. founder Richard Scrushy, cleared of orchestrating a $2.
August 13, 2005 |
Maytag Corp. agreed Friday to a half-cash, half-stock buyout from rival Whirlpool Corp., reversing an earlier recommendation that urged shareholders to accept a New York investment group's all-cash deal. Whirlpool, the nation's leading appliance maker, increased its offer Wednesday for the third time, proposing to buy Maytag for $1.79 billion, or $21 a share. Including the assumption of $977 million of Maytag debt, the deal values Maytag at $2.7 billion.
August 11, 2005 |
Whirlpool Corp. moved more aggressively Wednesday to clinch the deal to buy rival Maytag Corp. by raising its offer for a third time to $1.79 billion, or $21 a share. Including the assumption of $977 million of Maytag debt, the entire deal was valued at $2.7 billion. The latest offer, a $1-a-share premium to the sweetened bid of $1.62 billion that Whirlpool offered Monday, still consists of 50% cash and 50% Whirlpool stock.
August 3, 2005 |
Whirlpool Corp. must submit a firm offer to buy Maytag Corp. no later than noon Tuesday, according to an agreement outlined in documents filed with the Securities and Exchange Commission. A confidentiality agreement between Whirlpool and Maytag signed July 26 specifies that for a period of three years after Maytag opened its books to Whirlpool, neither company can try to acquire control of the other without permission. Whirlpool's offer, which remains tentative, stands at $18 a share, or $1.
July 25, 2005 |
Maytag Corp. said Sunday that it would consider a sweetened offer from Whirlpool Corp., reopening the bidding contest four weeks before holders were to vote on the company's sale to a private group. Whirlpool, the largest U.S. appliance maker, will be furnished financial information to shape its formal bid, Newton, Iowa-based Maytag said in replying to an $18-a-share offer Whirlpool made late Friday. Maytag, the third-largest U.S.