Cleaning & Restoration Breaking News

Maytag Urges Shareholders to Reject Unsolicited, Low-Priced Offer

Newton, Iowa (Reuters) -- U.S. appliance maker Maytag Corp. has advised its shareholders to reject an unsolicited, below-market tender offer for up to 2.75 million of its shares.

The $25.50-a-share offer came from private Canadian investment firm TRC Capital Corp. and represents about 3.4% of the company's shares outstanding, Maytag said.

TRC Capital has made similar offers to U.S. steel maker Maytag said it was not contacted by TRC Capital in connection with the mini-tender offer.

For several months, it has been rumored that Sweden's AB Electrolux could acquire the Newton, Iowa, maker of washing machines, Hoover vacuum cleaners, Jenn-Air ovens and other large appliances.

Last week, Maytag Chief Executive Lloyd Ward, 51, resigned due to a difference of opinion with the board over the company's strategic outlook and direction.

After the resignation, Maytag appointed Leonard Hadley, 66, to serve as interim president and chief executive. Hadley was Maytag's chairman and chief executive for seven years before he retired in August 1999 after 40 years with the company.

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