|
 |
| Whirlpool has
set Maytag a Sunday deadline for responding to its
offer |
Whirlpool has raised its offer for Maytag, the US firm behind the
Hoover vacuum cleaner, by $1 (￡0.57;0.83 euros) a share to $18.
The decision comes after Maytag had said it would continue to back a
$1.13bn (￡645m) bid from private equity group Ripplewood.
The new bid from US appliance maker Whirlpool bid values Maytag at
$1.44bn.
It has set a deadline of 1800 EST on Sunday for
Maytag to respond so that it can start due diligence
on its data.
Whirlpool said it would also be willing to discuss
other concerns Maytag may have and might be willing to compensate
Maytag for the cost of
it breaking its agreement with Ripplewood.
Ripplewood tabled its $14 a share bid in May, but some Maytag
shareholders have argued the offer is too low.
Whirlpool's previous $17-a-share offer was made earlier this week. Its
$18 a share offer was made on Friday.
Last month, China's biggest appliance maker, Haier, dropped out of the
bidding race for Maytag.
Maytag owns a number of well-known brands, selling goods under the
Amana, Jenn-Air, Jade and Dixie-Narco brand names, as well as making
Hoover products.
However, it reported lower-than-expected quarterly profit on Friday as
sales rises were offset by higher raw materials and energy-related costs.
(BBC) | 
Updated: 2005-07-25 11:49
