Friday, May 20, 2005 | 9:14 a.m.
DES MOINES, Iowa -- Appliance maker Maytag Corp. has agreed to be bought by an investment group led by private equity firm Ripplewood Holdings LLC for $1.13 billion cash.
The deal announced Thursday evening values the company -- which has struggled against low-cost foreign competitors in recent years -- at $14 per share, and includes the assumption of about $975 million in debt. Maytag will no longer be a publicly traded company after the deal closes.
The board of Newton, Iowa-based Maytag approved the transaction and plans to recommend it to company shareholders. The sale is expected to close before year's end, pending regulatory and shareholder approval.
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