The investment group that first offered to buy Maytag for more than 2-point-one-billion dollars now says it can withdraw that offer, since the appliance maker’s been talking with other potential buyers. In May, Maytag’s board of directors approved a cash merger agreement with an investor group headed by the equity firm Ripplewood LLC. If shareholders approved, the deal would pay 14-dollars a share for Maytag stock. But on June 20, Maytag announced it’d received another proposal, from Bain Capital Partners, Blackstone Capital Partners and Haier American Trading — which would pay 16-dollars a share. Now, the Ripplewood group’s Triton Acquisition Holding Company says they have the right to pull their offer and receive a 40-million-dollar “termination fee” Maytag had agreed to. Maytag says its board had the right to hold talks with other suitors, and says it’ll try to move on the new offer as quickly as it can.
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