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 NEWTON, Iowa (AP) - Household appliance maker Maytag Corp., which is the target of a takeover battle, said Friday it swung to a second-quarter profit from a year-ago loss, but its results failed to meet Wall Street expectations as higher steel, resin and fuel costs offset improved sales growth.
The earnings report came a day after the Newton-based company expressed doubt about chances that rival Whirlpool Corp.'s bid to acquire Maytag could be completed. Maytag said its board continues to recommend a competing offer but will still evaluate Whirlpool's $1.37 billion cash-and-stock bid.
In a statement Friday, Benton Harbor, Mich.-based Whirlpool said it was disappointed that the Maytag board "was unable to reach a satisfactory conclusion" on its offer. It said its offer "clearly provides superior value to Maytag's shareholders, and we are confident it will receive regulatory approval."
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