Business & Finance

Maytag Corp., the struggling appliance manufacturer, said it has a duty to shareholders to consider a new buyout offer despite agreeing last month to be acquired by a consortium led by Ripplewood Holdings. The new bid, although nonbinding so far, is notable because it comes from a Chinese company, Haier Trading Group, and two American private equity firms. Haier, Bain Capital Partners, and Blackstone Capital Partners offered $1.28 billion - or $2 more per share than Ripplewood's $1.13 billion terms. Haier, which makes refrigerators and air conditioners, has been seeking a more secure foothold in the $33 billion-a-year US appliance market, where its products are sold through retail chains such as Wal-Mart. Sources familiar with the situation told The Wall Street Journal that Haier easily could shift production back to China if it emerged as the buyer. Maytag, meanwhile, has found it difficult to keep up with General Electric, Whirl-pool, and other rivals with assembly plants in low-wage countries. It lost money last year for the first time since 1995. Ripplewood did not immediately respond to requests for comment.

The world's third-largest movie theater chain, Loew's Cineplex Entertainment Corp., said it has agreed to be acquired by rival AMC Entertainment Inc. and a group of other investors. Terms were not disclosed, but the combined company will own or operate 450 theaters in 30 states and 12 other countries outside the US.

Electronic Data Systems, the IT services giant , has decided to sell rather than spin off its A.T. Kearney management consulting unit, The Fort Worth (Texas) Star-Telegram reported. The likely buyer, according to The Wall Street Journal's online edition, is the Monitor Group, a consulting firm based in McLean, Va. Kearney had $806 million in revenue last year, or more than three times as much as the Monitor Group. Kearney's headquarters are in Chicago.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK