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NEWTON, Iowa (AP) -- 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.... 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.