Newton, Iowa — Maytag’s stockholders have overwhelmingly approved the company’s proposed acquisition by Whirlpool.
The vote, tallied at a special meeting held this morning, brings the $1.8 billion deal one step closer to fruition. The merger now awaits regulatory approval from the United States Department of Justice, which, if granted, would clear the way for the creation of the world’s largest white goods manufacturer sometime this quarter.
Based on a preliminary vote total, the merger was approved by 68.5 percent of the shares outstanding,with 97.8 percent of those shares voting. The proposal required an approval of more than 50 percent of the shares outstanding to pass.
Under terms of the deal, Maytag would become a wholly owned subsidiary of its longtime rival.
The final vote total will be posted on Maytag’s website, www.maytagcorp.com, after the vote totals are certified.