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Blackstone and Bain back Chinese firm Haier in $1.28bn Maytag bid22/06/2005. Source: AltAssets. 
 A consortium led by Chinese appliance maker Haier and including US private equity giants The Blackstone Group and Bain Capital are making a $1.28bn offer for US home and commercial appliances producer Maytag. The bid tops an offer made previously by private equity group Ripplewood.
Maytag primary brands are Maytag(R), Hoover(R), Jenn-Air(R), Amana(R), Dixie-Narco(R) and Jade(R).
The new consortium's offer is worth $16 per share, compared with Ripplewood's earlier offer of $14 per share. The Haier consortium, however, has indicated it would need to spend another six to eight weeks before making a formal offer.
The bid marks another example of the growing international acquisitiveness of Chinese corporates and the opportunity that affords global private equity firms. Earlier this year, Chinese computer firm Lenovo brought Texas Pacific, General Atlantic and Newbridge Capital in on its purchase of IBM's PC business.
Copyright © 2005 AltAssets
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