By Adam Coleman
Newton, IOWA, USA: Maytag shareholders have given their final approval to the proposed merger between Maytag Corp and Whirpool Corp, accepting Whirlpool’s $2.7 billion offer at a recent meeting.
Maytag shareholders welcomed the $21-a-share proposal, which will give them $10.50 in cash and between 0.1144 and 0.1398 of a share of Whirlpool common stock, depending on the volume of the weighted average trading prices of Whirlpool common stock during a 20- day trading period ending shortly before completion of the merger.
The Antitrust Division of the Department of Justice is currently reviewing the merger and confirmation is expected at the end of this month, pending the Department’s final approval.
Analysts estimate the combined company will capture around 48 per cent of the US major appliances market.