Ripplewood Balks at New Maytag Bid Jun 30, 2005

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Maytag Corp. said that a group led by Ripplewood Holdings LLC has told the appliance maker that talks with another group that has made an acquisition offer for Maytag gives the Ripplewood group the right to terminate its U.S. $14 a share merger deal.

The Ripplewood group, known as Triton Acquisition Holding, said the information Maytag is providing to the second group -- which includes Bain Capital Partners and a unit of Chinese appliance maker Haier Group -- "is resulting in disruption and uncertainty that is damaging to Triton Acquisition Holding."

Maytag said the talks with the Haier group, which has offered $16 a share, are allowed under its agreement with the Ripplewood group. (Reuters)

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