Whirlpool, Maytag Reschedule Vote
By Alan Wolf -- TWICE, 12/5/2005
Benton Harbor, Mich. — Whirlpool and Maytag have moved back the shareholder vote date for their proposed merger to Dec. 22, to give stockholders time to receive and review definitive proxy statements and prospectuses.
The mailing, which went out Nov. 22, was delayed pending clearance by the Security and Exchange Commission (SEC) of Whirlpool's share registration statement. Maytag stockholders will receive $10.50 in cash and a fraction of Whirlpool stock for each share of Maytag stock, or $21 in total, if the buyout is approved.
The companies have agreed not to close the deal before Feb. 27 without the approval of the Department of Justice. Both vendors have complied with requests for additional information, and still expect to complete the merger during the first quarter, although Justice's Antitrust Division may request additional time for review.
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