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.