Maytag pushes back shareholder acquisition vote to Dec. 22

Maytag pushes back shareholder acquisition vote to Dec. 22
 
Date November 22, 2005
Section(s) Unspecified
Brief  
 
(AP) — Maytag Corp. on Monday pushed back to Dec. 22 its shareholder meeting to vote on its proposed acquisition by rival Whirlpool Corp.

The Newton-based home appliance maker said in a statement it wanted to provide sufficient notification to stockholders after the Securities and Exchange Commission cleared its proxy statement and prospectus.

Maytag stockholder on record as of Nov. 2 will be eligible to vote.

Whirlpool, based in Benton Harbor, Mich., agreed in August to buy Maytag for $1.7 billion in cash and stock, plus the assumption of nearly $1 billion in debt. Both companies have said they expect the deal to close as early as the first quarter of 2006.

Maytag earnings have plunged in recent years as the home appliance industry faces increased competition from overseas. In its latest quarterly report, Maytag recorded a loss of $18.2 million, or 23 cents per share, well below analysts’ expectations. The company blamed excess capacity and high prices for oil and raw materials.

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