Whirlpool submits formal proposal to acquire Maytag

Whirlpool Corp. announced today that it has submitted a binding offer to acquire Maytag Corp. for $20 per Maytag share. The total value of the offer represents a 43 percent premium over the price offered by Triton Acquisition Holding in its current agreement with Maytag. This transaction is valued at $2.6 billion in cash and stock (based on assumed debt of $977 million). Whirlpool's offer is subject to customary conditions including receipt of regulatory approval.

Whirlpool's offer expires at 5:00 p.m. on August 20, 2005, the day after the current date for a meeting of Maytag's shareholders to vote on the Triton Acquisition Merger proposal.

The offer includes a commitment to pay a "reverse break-up fee" of $120 million if the transaction does not close because regulatory approval is not obtained.

Jeff M. Fettig, Whirlpool's chairman, president and CEO said, "Our binding offer reflects both the value we see in the combination of Whirlpool and Maytag and the confidence we have in the ultimate receipt of regulatory approval for the transaction."