NEW YORK (Reuters) -
Whirlpool Corp and Maytag Corp said Monday that Whirlpool will acquire Maytag in a cash and stock deal valued at $21 per share.
Half of the per share consideration will be paid in cash and the rest in a fraction of a share of Whirlpool (down $1.05 to $80.78, Research) common stock.
A combination of Maytag (down $0.07 to $18.64, Research), which makes Hoover vacuums and Jenn-Air and Amana appliances, and Whirlpool, whose brands include KitchenAid and Roper, would create the world's largest appliance maker.
However, a proposed union of the two rivals is expected to draw close antitrust scrutiny.
On Aug. 12, Maytag said Whirlpool's sweetened cash-and-stock offer of $21 a share was a superior proposal, and withdrew its support for the cash bid of $14 a share by an investor group led by private equity firm Ripplewood.
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