Message Font: Serif | Sans-Serif
No. of Recommendations: 1

Breaking News Bulletin: Investor group led by Ripplewood Holdings to acquire Maytag Corp. for $2.1 billion

Something tells me Whirlpool's ol' buddy now Maytag CEO Ralph Hake makes out like a bandit on this one....

Maytag Corp. (MYG) after Thursday's closing bell said that it has agreed to be acquired by an investor group for $14 a share in cash, or $2.1 billion including the assumption of $975 billion of debt. The group is led by private equity firm Ripplewood Holdings LLC and includes RHJ International (RHJIF) , GS Capital Partners and the J. Rothschild Group of Companies. Maytag's board has approved the merger agreement and plans to recommend the deal to the home and commercial appliance maker's shareholders. The transaction is expected to close before the end of the year. It remains subject to Maytag shareholder approval, as well as other closing conditions, including the receipt of financing and regulatory approval.

NEW YORK, May 19 (Reuters) - Maytag Corp. (MYG,Trade), one of the premier brand names in America for nearly a century, but struggling recently with sagging market share and profits, said on Thursday it agreed to be acquired for $1.125 billion by investors led by private equity firm Ripplewood Holdings LLC.

The group will pay $14 a share and assume $975 million in debt, according to Maytag. The offer implies a premium of 21 percent to Maytag's closing share price of $11.56 on the New York Stock Exchange."
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.