Whirlpool boosts bid for Maytag

For a second time, Whirlpool Corp. has sweetened the pot in a bid to purchase rival Maytag Corp., submitting a $20-per-share binding offer worth $1.62 billion plus assumed debt.

The bid, a $2-per-share premium to Whirlpool’s latest offer, would be paid in cash and half in stock. The company would assume $977 million in debt as part of the deal, for a total transaction of $2.6 billion.

Whirlpool’s offer was 43 percent higher than an initial bid of $14 per share, or about $1.13 billion, submitted by the investment group Triton Acquisition Holding Co. Maytag’s board had accepted that all-cash offer May 19 and shareholders are scheduled to vote on it Aug. 19.