Newton, Iowa — Maytag will put Triton Acquisition Holding’s $1.13 billion buyout bid before shareholders on Aug. 19.
Maytag set the date after the proposed transaction received the green light by the Federal Trade Commission and, reportedly, the Securities and Exchange Commission.
The ailing appliance giant also received a $1.28 billion offer from a rival acquisition group that includes Chinese white- and brown-goods maker Haier America Trading. Haier had said it would need four to six weeks to conduct due diligence, but may now speed up its timetable for making a formal bid. Under terms of its merger agreement with Maytag, Triton would have an opportunity to review and match a rival offer.
Triton, led by Ripplewood Holdings, had pressured Maytag to press ahead with the merger by threatening to kill the deal and collect a $40 million termination fee. Maytag’s board is recommending that shareholders vote in favor of the Triton buyout.