Shareholders of Maytag Corp. on Thursday approved the sale of the company to rival appliance-maker Whirlpool Corp. for about $1.79 billion in cash and stock.
Preliminary totals show that of 80.3 million possible shares, 54.98 million shares, or 68.5 percent, approved the merger. Most of the votes were submitted earlier; only about 100 shareholders voted in person.
If the transaction is cleared by the U.S. Department of Justice early next year, it will mark the end of the iconic Iowa-based company as an independent appliance manufacturer.
If approved the government, Maytag shareholders will receive $21 a share, payable half in cash and half in a fraction of Whirlpool stock. The exact amount Maytag shareholders will get in stock depends on the value of Whirlpool shares when the deal closes. Maytag will become a wholly owned subsidiary of Whirlpool.
Newton-based Maytag was founded in 1893 by Fred Maytag, a maker of farm tools, who introduced a wooden-tub washing machine 14 years later. His innovative designs swept the nation and the company has remained a home-appliance leader for a century.
The vote was a grim result for longtime Maytag workers and retirees.
“I feel like I attended a funeral today,” said Judy Mulbrook, of Milford, Iowa, who retired from Maytag in 2003 after 32 years. “I feel like the death happened in the past year and this is putting everything to rest.”
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