, the Newton, Iowa, appliance maker, said it will review a new buyout bid that's $2 a share higher than a takeover offer the company agreed to last month.
The company received a new preliminary proposal from Bain Capital Partners, Blackstone Capital Partners IV and Haier America Trading to buy all the shares of Maytag for $16 each. On May 19, Maytag agreed to be acquired by an investor group led by Ripplewood Holdings for $14 a share.
After a special committee meeting of the board, Maytag said that while it intends to proceed with further due diligence with Bain, Blackstone and Haier, there can be no assurance the preliminary proposal will result in a definitive agreement.
"We continue to support the Ripplewood transaction; however, we also believe that it is incumbent on us to pursue this possibility of achieving a higher price for our stockholders," Maytag said in a press release.
Shares of Maytag were trading up 86 cents, or 6%, to $16.09 in premarket trading. The 52-week high is $25.30.