NEWTON, Iowa, Dec. 22 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) announced today that Maytag stockholders approved the proposed
merger with Whirlpool Corporation at the Special Meeting held here today.
Based on the preliminary vote total announced at the meeting, the merger was
approved by 68.5 percent of the shares outstanding and 97.8 percent of those
shares voting. The proposal only required an approval of more than
50 percent of the shares outstanding.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
Under the merger, Maytag stockholders will be entitled to receive for
each share of Maytag common stock, approximately $21 in value, comprised of
$10.50 in cash and between 0.1144 and 0.1398 of a share of Whirlpool common
stock, depending on the volume weighted average trading prices of Whirlpool
common stock during a 20-day trading period ending shortly prior to completion
of the merger.
The proposed merger is currently being reviewed by the Antitrust
Division of the Department of Justice. In order to facilitate the review,
Whirlpool and Maytag have agreed not to close the proposed merger before
February 27, 2006, without the Antitrust Division's concurrence, although the
Antitrust Division may request additional time for review. Whirlpool and
Maytag continue to expect the transaction to close as early as the first
quarter of 2006.
The final vote total will be posted on Maytag's website,
http://www.maytagcorp.com after the inspector certifies the vote totals.
About Maytag Corporation
Maytag Corporation is a $4.8 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).
Maytag Additional Information:
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
may 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 Whirlpool (1) Maytag may be unable to obtain
shareholder approval required for the transaction; (2) conditions to the
closing of the transaction may not be satisfied or the merger agreement may be
terminated prior to closing; (3) Maytag may be unable to obtain the regulatory
approvals required to close 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; (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.
Media Contact: John Daggett
Maytag Corporate Communications
(641) 787-7711
john.daggett@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
John Daggett, Maytag Corporate
Communications, +1-641-787-7711, john.daggett@maytag.com
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