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Whirlpool to acquire Maytag
An announcement came after Ripplewood Holdings decided not to raise its $1.1 billion bid for Maytag.
August 22, 2005: 1:06 PM EDT

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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