Shareholders OK Sale of Maytag to Whirlpool - home appliance manufacturer

Newton-Metage, Iowa shareholders(MYG)
Approved the sale of the company to competitors on Thursday
Whirlpool, manufacturer(WHR)for about $1.
79 billion in cash and inventory.
If the deal is cleared by the United StatesS.
Early next year, the Justice Department will mark the end of the iconic Iowa State --
As an independent manufacturer of electrical appliances.
If approved by the government, Maytag shareholders will receive $21 per share, paying half of the cash and half of Whirlpool shares.
The exact number of shares that Maytag shareholders receive depends on the value of Whirlpool shares at the end of the transaction.
Maytag will become a wholly owned subsidiary of Whirlpool. Newton-
Headquartered in Maytag, founded in 1893 by agricultural tool manufacturer Fred Maytag, he launched a wooden
Bathtub washing machine after 14 years.
His innovative design is popular all over the country, and the company is still home.
A century leader in electrical appliances.
However, in recent years, Maytag's profitability has declined as competitors improve efficiency by outsourcing parts and moving production to lower levelscost factories.
Maytag is too slow to adopt.
As competitors attract consumers with new electrical design and features, savings measures lag behind.
Maytag, third in the country
The biggest appliance manufacturer has become the target of a bidding war.
The US-based investment group offered to buy the company for $1.
In May, 13 billion.
Home appliances in China June-
Haier America stepped in for $1.
A 28 billion offer, but it was withdrawn when Whirlpool offered $1. 37 billion.
Before Maytag agreed to consider the deal, Whirlpool raised the offer three times.
Whirlpool, headquartered in Port Benton, Michigan.
Mehtag will also bear $0. 977 billion in debt. n.