Whirlpool head touts May tag bid

BENTON HARBOR, Mich. (AP) — Whirlpool Corp fired the first salvo in a possible three-way bidding war for rival Maytag Corp., saying the company’s $1.37 billion offer provides the “best opportunity to address Maytag’s needs.” Whirlpool’s $17-per-share offer tops a $14-a-share proposal that the board of Newton, Iowa-based Maytag accepted from an investment group, Triton Acquisition Holding Co., on May 19. A month later, Maytag said it also was considering a preliminary $1.28 billion bid from Chinese appliance maker Haier America, along with Bain Capital and Blackstone Group, that valued Maytag at $16 per share. Officials at Maytag, whose brands include Maytag, Amana, Hoover, Jenn-Air and Magic Chef, said in a statement yesterday that directors will consider the new bid.