Maytag said Wednesday it has postponed a meeting of shareholders from Aug. 30 to Sept. 9, to permit the company additional time to distribute proxy information.
Newton-based Maytag said last Friday that its board had withdrawn its recommendation of the pending $14 per share, or $1.13 billion, cash offer from Triton Acquisition Holding, a group of investment companies led by New York-based Ripplewood Holdings. Maytag notified Triton on Monday that it favored a Whirlpool Corp. offer of $21 a share, or $1.79 billion.
Triton has until Sunday night to increase its offer. The company may choose to terminate the merger agreement with Maytag, in which case Maytag would owe Triton a $40 million breakup fee. Benton Harbor, Mich.-based Whirlpool has said it would pay that fee.
If the merger agreement between Maytag and Triton is terminated, the postponed special meeting will be canceled.
From Forbes