Whirlpool Corporation and Maytag Corporation said today that they have agreed with the Antitrust Division of the U.S. Department of Justice to a limited extension of time to complete the review of the proposed acquisition of Maytag by Whirlpool. The companies have agreed not to close the transaction before March 30, 2006 without the Division’s concurrence.
On December 1, 2005, the companies announced they had certified substantial compliance with the Division in response to its request for additional information and agreed not to close the merger before February 27, 2006, without the Division’s concurrence, recognizing that the Division could request additional time for review.
“We appreciate the work of the Department of Justice staff to date and will continue to work with them cooperatively as they complete their review,” said Whirlpool Chairman and CEO Jeff M. Fettig. “The agreed-upon extension is simply a continuation of the review process. This is a complex and rapidly changing industry, and it is not surprising that some additional time is required to fully understand and fairly evaluate it.”
Maytag Chairman and CEO Ralph F. Hake said, “We believe this additional time will be sufficient for the review to be completed, and we are confident that the acquisition will close rapidly upon completion of the review.”
“We strongly believe that the combination will create substantial benefits for consumers, trade customers and our shareholders," Fettig added. "This transaction will translate into better products, quality and service, as well as other efficiencies that will allow us to offer a more competitive, wider range of products to a much broader consumer base in the highly competitive global home appliance industry.”
Whirlpool and Maytag are working closely with the Department of Justice and continue to cooperate fully with its investigation and respond promptly to its inquiries.
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