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World Equity NewsEquities Org UKMortgages, insurance, and loans for the self-employed and students Equities Org equities news has moved! How to quickly sell your house London equity markets make small gains Eurofirst highest since May 2002 Eurofirst makes small gains as Xetra Dax down Eurofirst slightly higher as elections approach London strong on double witching hour NYSE sees little movement on investor caution European equities investors worried by elections NYSE equities down on economic data Nikkei down on post-election profit-taking Nikkei down on post-election profit-taking Economic concerns hit Eurofirst and Xetra Dax Japanese elections boost Tokyo indices Xetra Dax sees fall in Allianz Utilities focus on FTSE Dow Jones sees little movement Analysts suggest Katrina will stimulate economy Investors settled by Japanese polls Banking and utilities see gains on Eurofirst FTSE makes small gains on mergers Investors consider construction boom after hurricane Investors wait in Sunday's election Eurofirst drops from 38-month highs UK Equities down despite monetary policy decision London FTSE makes only small gains Investors consider Katrina economy impact FTSE gains to three-year high |
12/08/05Maytag recommends Whirlpool takeoverMaytag Corp. has declared a $21 per share takeover offer from Whirlpool to be a “superior proposal” and made the recommendation that shareholders vote to reject a rival bid by private-equity group Ripplewood Holdings and its acquisitions unit, Triton. In a statement released on Friday afternoon, Maytag said that it would violate its fiduciary duty to its shareholders to reject the Whirlpool offer in favor of the smaller Triton bid, which it previously had endorsed. However, due to Maytag’s rejection of the smaller offer, Triton will receive a $40 million break-up fee to be paid by Whirlpool. The total value of the Whirlpool bid is $2.7 billion. In addition, Whirlpool has offered to pay Maytag $120 million in the event that the deal does not pass regulatory muster, and will also pay up to $15 million to keep on Maytag employees. The guarantee in the case that regulators do not approve the deal is particularly important, since the company that will be formed by the merger of Maytag and Whirlpool will have a large enough share of the washing machine and kitchen appliance market - 48 percent, compared to 26 percent for General Electric and 20 percent for Electrolux - to draw the attention of antitrust regulators. |
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