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Stock Market & Financial Investment News

News Breaks
July 11, 2014
05:27 EDTWHRWhirlpool to acquire majority interest in Indesit for $15.06 per share
Whirlpool and Fineldo S.p.A. announce that they have entered into a binding agreement for the sale of Fineldo's stake in Indesit. Whirlpool also entered into binding share purchase agreements with members of the Merloni family for their Indesit shares. Under these agreements, Whirlpool would acquire shares representing a total of 66.8% of the voting stock of Indesit. Whirlpool currently intends to finance this transaction through cash on hand, together with private, domestic and international public debt financing. The acquisition of control of Indesit is subject to judicial and antitrust approvals and is expected to close by the end of 2014. In this transaction, Whirlpool simultaneously entered into share purchase agreements with Fineldo for a 42.7% stake in Indesit, certain members of the Merloni family for a 13.2% stake in Indesit, and Claudia Merloni for a 4.4% stake in Indesit. This total of 60.4% of Indesit stock capital represents a 66.8% voting stake in Indesit, in light of the treasury shares held by Indesit. The purchase price under all three Share Purchase Agreements is $15.06 per Indesit share, resulting in a total expected purchase price of $1.04B. Under the Fineldo Agreement, however, the purchase price is subject to a possible pre-closing downwards or upwards adjustment based on Indesit's consolidated average net debt and net working capital. The purchase price is based on Indesit's average net debt position for 2013. Either party's breach of its obligation to consummate the transaction or Fineldo's breach of its exclusivity obligations requires payment of at least $54.8M in liquidated damages.
News For WHR From The Last 14 Days
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October 22, 2014
10:01 EDTWHRWhirlpool names Michael Todman, Marc Bitzer as vice chairmen
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October 14, 2014
12:35 EDTWHRWhirlpool completes purchase of majority interest in Indesit
Whirlpool Corporation's wholly owned subsidiary, Whirlpool Italia Holdings S.r.l., acquired a 56% stake in Indesit Company S.p.A., representing 61.9% of the voting stock of Indesit. Whirlpool acquired the shares under two share purchase agreements entered into on July 10 with Fineldo S.p.A. and members of the Merloni family. The acquisitions bring Whirlpool's stake in Indesit to 60.4%, representing 66.8% of the voting stock. Whirlpool Italia Holdings S.r.l. will now commence the steps to launch a mandatory tender offer for the remainder of Indesit's outstanding shares, with the intention to delist the company. The tender offer purchase price per share is equal to EUR 11.00/$13.89, based on exchange rates as of September 30. This price is equal to the share purchase price agreed to by the parties under the share purchase agreements and which was paid without adjustment. Additional information will be provided in the tender offer statement to be issued by Whirlpool Italia Holdings S.r.l. in compliance with Italian law.
October 13, 2014
12:16 EDTWHREuropean Commission approves Whirlpool acquisition of Indesit
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10:08 EDTWHROn The Fly: Analyst Upgrade Summary
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06:47 EDTWHRWhirlpool upgraded to Buy from Neutral at Longbow
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October 10, 2014
06:49 EDTWHRWhirlpool risks from Sears exposure overstated, says BofA/Merrill
BofA/Merrill said Whirlpool (WHR) concerns from Sears (SHLD) exposure are overdone and notes total revenues from Sears are approximately 9% of North American revenues. Shares are Buy rated.

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