Appliance maker Maytag has set an August shareholder vote on a $14-a-share buyout, said on Friday that it expects to complete discussions with a second potential bidding group that includes Chinese appliance maker Haier Group next week.
In a filing with the Securities and Exchange Commission, Maytag said it told advisers of Haier, Bain Capital Partners and Blackstone Capital that due diligence would be completed by July 22.
Haier, Bain and Blackstone made a non-binding proposal to buy Maytag for $16 a share in June, but have not made a formal offer.
Maytag agreed to the $14 a share bid by Triton Acquisition Holding, an investment vehicle led by New York private equity firm Ripplewood Holdings, in May. This week, the appliance maker said it would hold a Aug. 19 shareholder vote on the deal in Newton, Iowa, where it is based.
The filing said Maytag, whose products include Hoover vacuums and Jenn-Air and Amana appliances, would update stockholders on any “material developments” regarding the Haier proposal prior to the shareholders meeting.
The filing also said Maytag had contacted 36 parties from May 19 to June 17 to gauge whether they had an interest in any transaction with the appliance maker.
Maytag’s shares eased 9 cents to $15.45 on the New York Stock Exchange.
From Reuters