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 China's Haier bids $1.28 bln for Maytag (Reuters News) |
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江湖先生
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头衔: 海归中校
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加入时间: 2005/02/11
文章: 221
来自: jiahua98 AT yahoo.com
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作者：江湖先生 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Doug Young
SHANGHAI (Reuters) - Haier Group, the top Chinese appliance maker, and private equity giants Bain Capital and Blackstone Group have bid $1.28 billion for Maytag Corp., the No. 4 U.S. appliance maker, topping an offer from U.S. private equity firm Ripplewood Holdings LLC.
Haier's global ambitions would be boosted by adding Maytag, which also makes Hoover vacuums and Amana and Jenn-Air appliances. Maytag (MYG.N: Quote, Profile, Research) has fallen on tough times amid rising raw material costs and competition from lower-cost makers.
Maytag shares rose 5.4 percent on Tuesday on the New York Stock Exchange.
"Haier would get an instant credible product line," said Longbow Research analyst David MacGregor. "Longer term that could make them a competitive force to be reckoned with."
"We continue to support the Ripplewood transaction," Howard Clark, Maytag's lead director, said in a statement. "However, we also believe that it is incumbent on us to pursue this possibility of achieving a higher price for our stockholders."
Maytag said in the statement issued late Monday in New York it had received a preliminary bid of $16 a share from a consortium made up of Haier, Bain and Blackstone.
That would be about 14 percent higher than a $14 per share offer by a consortium that includes Ripplewood, Goldman Sachs' GS Capital Partners and J. Rothschild Group.
MacGregor, based in Cleveland, said a higher offer could top the bid by the Haier group, whether from Ripplewood, the U.S. private equity firm, or another party. "There's still room to beat this bid," he said.
Under the Haier proposal, due diligence is expected to take six to eight weeks, Maytag said in its statement. The group would look to Merrill Lynch to provide debt financing, it added.
No official counteroffer has been submitted yet, a source familiar with the matter told Reuters. Bain and Blackstone declined to comment. Haier has said it was interested in Maytag, but a spokeswoman would not comment further on Tuesday.
Analysts said Haier would be quickly buying brand recognition. "Chinese companies don't have brand equity outside of China," said a Tokyo-based analyst who declined to be identified. Continued ...
作者：江湖先生 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 China's Haier bids $1.28 bln for Maytag (Reuters News) -- 江湖先生 - (2248 Byte) 2005-6-22 周三, 04:35 (1054 reads)
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