Appliance maker Maytag Corp. pushed back the date for a shareholder vote on its proposed acquisition by rival Whirlpool Corp. to Dec. 22 from Dec. 16 to allow more time to mail materials, the companies said in a statement.
The U.S. appliance makers said the Securities and Exchange Commission approved Whirlpool’s registration statement covering the share portion of the purchase price to be issued to Maytag investors if the buyout is completed. As a result, Maytag changed the meeting date to allow for sufficient time to notify shareholders.
The combination is being reviewed by U.S. antitrust regulators, and is expected to close as soon as the first quarter of 2006, pending approvals. In an SEC filing on Monday, the companies said merger clearance had been obtained from Colombian and German regulatory authorities.
Whirlpool, the No. 1 U.S. appliance company, offered $21 per share in cash and stock, or nearly $1.7 billion, to acquire Maytag in August. The combination would make Whirlpool the world’s largest appliance maker.
Whirlpool shares rose $1.41, or about 1.8 percent, to $81.44 in late trading on the New York Stock Exchange, while Maytag rose 33 cents, nearly or 1.9 percent, to $17.80.
From Reuters