Whirlpool to Review Proposed Changes in Maytag's Operations
Feb 3, 2006
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Whirlpool Corporation announced it has acknowledged the announcement by Maytag Corporation that it expects to evaluate alternative strategies for its floor-care products line and commercial businesses, including their possible sale.
"Under the framework of the merger agreement, we have the right to approve the sale of significant assets by Maytag, including these businesses," said Jeff M. Fettig, Whirlpool's chairman and CEO.
Whirlpool said it looks forward to reviewing any proposals Maytag may present, within the framework of its merger agreement. The company has no additional comment at this time.
On Dec. 22, 2005, Maytag shareholders approved the proposed merger with Whirlpool. Completion of the proposed merger remains subject to regulatory clearance.
In order to facilitate the Antitrust Division of the Department of Justice review, Whirlpool and Maytag have agreed not to close the proposed merger before Feb. 27, 2006, without the Antitrust Division's concurrence, although the Antitrust Division may request additional time for review.
Whirlpool and Maytag say they 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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