Maytag shareholders are not happy

A class action has just been filed against Maytag:

NEW YORK, May 29, 2005 (PRIMEZONE) — Notice is hereby given that a securities class action has been filed in the Delaware Court of Chancery, New Castle County on behalf of owners of the common stock of Maytag Corporation (”Maytag” or the “Company”) (NYSE:MYG).

Plaintiff is seeking to enjoin the proposed transaction based on the proposed transaction being grossly unfair to Maytag’s public shareholders.

For an information package (http://www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com

Apparently, the lawsuit has to do with Maytag’s recent agreement to be “bought by a group of investors that would take the well-known appliance maker private, hoping to fix its myriad woes away from Wall Street’s sharp scrutiny.” The deal won’t go through, though, without both regulatory and shareholder approval.

According to an AP article, “California company holding 10.5 percent of Maytag Corp. stock said Friday [May 27] it would vote against the proposed purchase of Maytag by a group of private investors.” The company, Brandes Investment Partners LP, isn’t pleased with “the offer of $14 a share for Maytag.” “Brandes Investment Partners, which is based in San Diego, said in the document filed with the SEC said $14 is inadequate “relative to their estimate of the current fair value” of Maytag stock.”