Maytag’s board of directors will not open up the books for competitor Whirlpool — at least just yet. Whirlpool’s made a preliminary offer to buy Maytag for 17-dollars a share, pending a review of Maytag’s operations and finances. But after a board of directors meeting yesterday (Thursday), Maytag’s board announced it couldn’t determine that Whirlpool’s proposed buyout would be “financial superior” and could reasonably be completed. The board claims that determination must be made before it can provide information to Whirlpool and enter negotiations. The requirement’s part part of an existing agreement with an investment group led by Ripplewood Holdings. Maytag’s board of directors is still recommending shareholders approve Ripplewood’s 14-dollar-a-share offer, which they’ll vote on August 19th. The board does say it’ll continue to evaluate Whirlpool’s offer.
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