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Home >> Business
UPDATED: 09:09, June 22, 2005
China's Haier, two US firms offer 1.28 billion-dollar bid for Maytag
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Haier Group, China's largest appliance maker, and two US equity giants jointly offered 1.28 billion US dollars for Maytag Corp., the No. 3 US appliance maker, New York-based Bloomberg Business News reported Tuesday.

Maytag said it would consider the 16 dollar-per-share offer made from Haier, Bain Capital LLC and Blackstone Group LP. The company accepted an offer for 1.13 billion dollars, or 14 dollar-a- share, from Ripplewood Holding LLC on May 19.

Analysts said the purchase would give Haier recognized brands in the 33 billion US dollar appliance market and help to boost its sales there, as part of its global strategy.

Maytag Corp., based in Newton, Iowa, is an appliance maker that has a history of more than one hundred years. However, the company faces serious financial issues due to pressures from other rivals.

Bain Capital is based in Boston and Blackstone Group is based in New York.

Source: Xinhua

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