Haier Undecided on Maytag Bid as Deadline Looms
Jun 17, 2005
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Haier Group, China's largest home appliance maker, said it was still undecided about making a bid for Maytag Corp. as the deadline to lodge an offer loomed.
Haier, keen to emulate the success of rivals such as South Korean appliance maker LG Electronics, told Reuters it continued to monitor event,s but declined to say if it would submit a bid.
"We are paying great attention to events concerning the acquisition of Maytag, but have so far made no decisions yet," Haier said in a statement.
Last month, Ripplewood led a group of investors, including RHJ International, GS Capital Partners, and the J. Rothschild Group of Companies, that agreed to take over the U.S. company for $1.13 billion, or $14 per share.
Ripplewood's offer also includes the assumption of $975 million of debt.
Maytag has until June 18 to actively solicit bids from other parties, according to a regulatory filing. After that date, the company can still entertain offers from other interested parties. Ripplewood has a $40-million break up fee, according to filings. (Reuters)
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