NEWTON, Iowa, July 13 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) announced today that it has scheduled a special meeting of
stockholders for August 19, 2005, to consider and vote on the adoption of the
merger agreement with Triton Acquisition Holding Co. As previously announced
on May 19, 2005, Maytag and Triton Acquisition Holding Co., an entity
organized by an investor group led by Ripplewood Holdings L.L.C., have entered
into a merger agreement pursuant to which Maytag would become a subsidiary of
Triton Acquisition Holding Co., and Maytag stockholders would receive $14.00
in cash for each of their shares of Maytag common stock. Stockholders of
record of Maytag as of July 20, 2005, will be entitled to vote on the
transaction. Maytag plans to mail definitive proxy material to its
stockholders on or about July 20, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
Maytag Corporation also announced that it has received notification from
the Federal Trade Commission (FTC) that the FTC has granted early termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976.
The transaction remains subject to the receipt of debt financing by Triton
Acquisition Holding Co., stockholder approval and other customary closing
conditions.
Maytag Corporation is a $4.7 billion home and commercial appliance company
focused in North America and in targeted international markets. The
corporation's primary brands are Maytag(R), Hoover(R), Jenn-Air(R), Amana(R),
Dixie-Narco(R) and Jade(R).
Forward-Looking Statements
This document includes statements that do not directly or exclusively
relate to historical facts. Such statements are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking statements
include statements regarding benefits of the proposed transactions, expected
cost savings and anticipated future financial operating performance and
results, including estimates of growth. These statements are based on the
current expectations of management of Maytag. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements included in this document. For example, with
respect to the transaction with a group led by Ripplewood Holdings L.L.C.
(1) Maytag may be unable to obtain shareholder approval required for the
transaction; (2) Maytag may be unable to obtain regulatory approvals required
for the transaction, or required regulatory approvals may delay the
transaction or result in the imposition of conditions that could have a
material adverse effect on Maytag or cause the parties to abandon the
transaction; (3) conditions to the closing of the transaction may not be
satisfied or the merger agreement may be terminated prior to closing;
(4) Maytag may be unable to achieve cost-cutting goals or it may take longer
than expected to achieve those goals; (5) the transaction may involve
unexpected costs or unexpected liabilities; (6) the credit ratings of Maytag
or its subsidiaries may be different from what the parties expect; (7) the
businesses of Maytag may suffer as a result of uncertainty surrounding the
transaction; (8) the industry may be subject to future regulatory or
legislative actions that could adversely affect Maytag; and (9) Maytag may be
adversely affected by other economic, business, and/or competitive factors.
Additional factors that may affect the future results of Maytag are set forth
in its filings with the Securities and Exchange Commission ("SEC"), which are
available at http://www.maytagcorp.com . Maytag undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction with an investor group led by
private equity firm Ripplewood Holdings L.L.C., Maytag has filed a preliminary
proxy statement and will file a definitive proxy statement and other relevant
documents concerning the proposed merger with SEC. WE URGE INVESTORS TO READ
THE DEFINITIVE PROXY STATEMENT AND THE OTHER RELEVANT DOCUMENTS CAREFULLY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
MAYTAG AND THE PROPOSED TRANSACTION. Investors will be able to obtain free
copies of the definitive proxy statement (when available) as well as other
filed documents containing information about Maytag at http://www.sec.gov ,
SEC's Web site. Free copies of Maytag's SEC filings are also available on
Maytag's Web site at http://www.maytagcorp.com .
Participants in the Solicitation
Maytag and its executive officers and directors and Ripplewood Holdings
L.L.C., Triton Acquisition Holding and Triton Acquisition and their respective
affiliates, executive officers and directors may be deemed, under SEC rules,
to be participants in the solicitation of proxies from Maytag's stockholders
with respect to the proposed transaction. Information regarding the officers
and directors of Maytag is included in its definitive proxy statement for its
2005 annual meeting filed with SEC on April 4, 2005. More detailed
information regarding the identity of potential participants, and their direct
or indirect interests, by securities, holdings or otherwise, will be set forth
in the proxy statement and other materials filed or to be filed with SEC in
connection with the proposed transaction.
Media Contact: John Daggett
Maytag Corporate Communications
(641) 787-7711
jdagge@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
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CONTACT:
John Daggett of Maytag Corporate
Communications, +1-641-787-7711, jdagge@maytag.com
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