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DES MOINES, Iowa (AP) - Whirlpool Corp.'s $17-per-share offer for rival Maytag Corp. appears to have foiled an attempt by Haier America and its investing partners to acquire the Iowa-based appliance maker, analysts said Wednesday.
"It's like being at an antique auction. Your bid is topped and the room looks back to you," said David MacGregor, analyst with Cleveland-based Longbow Research. "I think Haier's at a position where they realize they can't outbid Whirlpool."
Haier, without comment, withdrew its offer of $1.28 billion, or $16 per share, late Tuesday after Whirlpool, the nation's largest appliance maker, jumped in with a preliminary proposal for $1.37 billion. Haier America is a New York-based subsidiary of China's Haier Group Ltd., the communist nation's largest appliance manufacturer.
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