Ripplewood CEO Wishes Maytag Well in Newspaper Ad
Aug 26, 2005
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An investment fund whose buyout offer for Maytag Corp. was rejected said in a full-page newspaper ad that it remains a suitor in waiting.
"If circumstances change, we continue to have a sincere interest in the future of this great company," said Timothy Collins, CEO of Ripplewood Holdings LLC, the New York investment company that offered U.S. $14 a share, or $1.13 billion, for Maytag.
The bid launched a bidding war for the Newton-based appliance maker, which also was courted by Chinese rival Haier Group Ltd.'s U.S. subsidiary and Whirlpool Corp. Maytag instead chose to accept Whirlpool's half cash, half stock offer of $21 a share, or $1.7 billion.
"We are disappointed with the outcome of our nearly 18 months of effort to provide value to your shareholders and a bright future for the other important Maytag stakeholders," Collins said in the ad, which appeared in the Newton Daily News. "We do, however, want to wish you, the Maytag shareholders and especially the Maytag employees all the very best of luck in the path you have chosen."
Maytag recently terminated its earlier deal to be acquired by the Ripplewood-led group, paying a $40 million termination fee. (AP)
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