Benton Harbor, Mich. — Whirlpool today announced that it has entered into a mutual confidentiality agreement with Maytag.
The agreement allows Whirlpool to immediately commence the due diligence phase of its proposed acquisition of Maytag. Whirlpool expects to make no further comment at this time.
The move comes days after Maytag rejected, then decided last night, to reconsider Whirlpool’s revised proposal, announced on July 22.
The board determined that the new Whirlpool proposal may reasonably be expected to lead to a transaction that is financially superior to Maytag’s pending deal with the Ripplewood-led Triton Acquisition group, and Maytag’s board said it is reasonably capable of being completed.
Maytag said in a statement Sunday evening that it expects that the terms of a definitive agreement, if any, with Whirlpool will take into account the risks to Maytag of non-consummation, Whirlpool’s assertion that the anti-trust clearance process can be completed by the end of 2005, and Whirlpool’s overwhelming confidence that there is no anti-trust problem in a Maytag/Whirlpool combination.