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Appliance maker Maytag Corporation announced that it has received a preliminary non-binding proposal from Haier America Trading, L.L.C., Bain Capital Partners LLC, and Blackstone Capital Partners IV L.P. to acquire all outstanding shares of Maytag for U.S. $16 per share cash.
On May 19, 2005, Maytag agreed to be acquired by an investor group led by Ripplewood Holdings LLC for $14 per share cash.
According to the preliminary non-binding proposal, completion of due diligence is expected to take 6 to 8 weeks, and the proposal is conditioned, among other things, on the due diligence, along with the negotiation of a definitive agreement and necessary approvals.
The proposal contemplates debt financing provided by Merrill Lynch & Co. on terms and conditions to be agreed upon among Merrill Lynch, Bain, Blackstone, and Haier America.
After a committee meeting of the company's board of directors, Maytag stated that, while it intends to proceed with further due diligence with Bain, Blackstone, and Haier America, there can be no assurance that the proposal would result in a definitive agreement.
Howard Clark, Maytag's lead director, said: "We continue to support the Ripplewood transaction; however, we also believe that it is incumbent on us to pursue this possibility of achieving a higher price for our stockholders."
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