Archive for Friday, December 23, 2005

Shareholders OK sale of Maytag to Whirlpool

December 23, 2005


Maytag Corp. shareholders on Thursday approved the company's sale to rival appliance-maker Whirlpool Corp., marking the end of independence for the iconic home appliance maker that failed to overcome cheaper competitors and a waning of its trademark image for dependability.

If authorized by the government, Whirlpool will buy Maytag, founded in 1893 by farm tool maker Fred Maytag, for about $1.79 billion in cash and stock.

Maytag shareholders will receive $21 a share, payable half in cash and half in a fraction of Whirlpool stock, depending on the value of Whirlpool shares when the deal closes.


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