Whirlpool has entered into the bidding to buy fellow Newton-based appliance maker Maytag, and Whirlpool C-E-O Jeff Fettig says the sale would be beneficial for both companies. Fettig says Whirlpool has a strong operating and financial position and has been successful in developing innovation and value to consumers and their trade partners. He says they believe their position represents the best solution ensuring the success of the Maytag brands. Fettig says Whirlpool has upped the price to a 17-dollar per share offer valuing the transaction at two-point-three billion dollars.He says they believe the proposal is “both financially and strategically compelling” and will deliver significant value to both companies’ shareholders. While hoping to prove successful for both Whirlpool and Maytag, Fettig says Whirlpool has bigger goals.He says the acquisition of Maytag will enhance the already dynamic and competitive environment and increase the efficiency of production in the appliance industry. Fettig says the bid comes with an assumed debt of 969 million which represents a 21 percent premium to the current Triton equity proposal, and because of the Triton agreement he says Whirlpool is in a position to submit a firm offer no later than August 9th in order for Maytag to terminate the Triton agreement.
