Whirlpool Shrugs Off Maytag Snub

Whirlpool (WHR Quote) pledged to pursue Maytag (MYG Quote).

Benton Harbor, Mich.-based Whirlpool said Friday it was "disappointed" in the Maytag board's decision, which was announced late Thursday. Maytag said Thursday evening that it was "unable to determine that the Whirlpool Corporation proposal announced on July 17 may reasonably be expected to lead to a financially superior transaction that is reasonably capable of being completed."

Last week, Whirlpool proposed buying Maytag for stock and cash worth about $1.4 billion, or $17 a share. The announcement came after Maytag agreed in May to be taken private by private equity buyers led by Ripplewood Holdings for $14 a share. In the intervening months, a group led by China's Haier and Bain Capital bid $16 a share before dropping out amid hand-wringing over Chinese trade issues.

Maytag said Thursday that it would continue to recommend its merger pact with Ripplewood, though it would also "evaluate the Whirlpool proposal." The company indicated that its agreement with Ripplewood prevented it from considering an offer that isn't superior. ...