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Chinese home appliance maker Haier Group had raised its bidding price for U.S. appliance group Maytag Corp. to US$2.25 billion from the previous US$1.28 billion, the China Business News reported.
"The acquisition group lead by Haier has promised to take up a total of US$975 million worth of Maytag debt, pushing its total bid to US$2.25 billion," the Shanghai-based paper quoted an unidentified source as saying.
Earlier last week, Haier and private equity firms Bain Capital Partners and Blackstone Capital Partners offered US$16 per share, or a total of US$1.28 billion, in cash for Maytag.
Competing bidder Ripplewood Holdings had offered in May to take over US$975 million of Maytag debt, as well as a US$14 per share, or a total of US$2.1 billion, in cash. Haier spokesperson Ji Guangqiang was not immediately available for comment.
Should Haier succeed in acquiring Maytag, it would become one of the top four home appliance makers in the United States, along with Whirlpool, General Electric and Electrolux of Sweden.
Haier Group, headquartered in the eastern Chinese city of Qingdao, had total sales of US$12.05 billion in 2004. It has two listed arms — Qingdao Haier Co. Ltd. and Haier Electronics Group Co. Ltd.
Trading in Haier's shares was suspended in Shanghai and its Hong Kong shares were down 1.49 percent at HK$0.198 Friday.
(Shenzhen Daily June 27, 2005)
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