Whirlpool extends offer to acquire Maytag

Whirlpool Corp. announced July 17 that it has made a proposal to acquire Maytag Corp. for $17 per Maytag share. The total value of the proposal represents a 21 percent premium over the price offered by Triton Acquisition Holding in its current agreement with Maytag. This transaction is valued at $2.3 billion in cash and stock (based on assumed debt of $969 million). Whirlpool's proposal is subject to the satisfactory completion of due diligence and negotiation of a mutually acceptable definitive merger agreement.

Earlier this year, Maytag agreed to be acquired by Triton for $14 a share, a deal valued at $1.13 billion. However, in June the company said it also is considering a preliminary bid from Chinese conglomerate Haier America for $16 per share, valued at $1.28 billion.