Whirlpool Corporation To Commence Modified Dutch Auction Tender Offer To Purchase Up To $1 Billion Of Its Shares
Whirlpool's decision to commence the tender offer is based on its confidence in the long-term outlook for the business, enhanced by the recently-announced pending sale of the Embraco compressor business, and is consistent with Whirlpool's balanced approach to capital allocation. Whirlpool believes that the tender offer represents an efficient mechanism to provide the Company's stockholders with the opportunity to tender all or a portion of their stock and thereby receive a return of some or all of their investment in the Company if they so elect. The tender offer provides stockholders with an opportunity to obtain liquidity with respect to all or a portion of their stock without the potential disruption to the stock price of the Company.
Subsequent to the completion of the tender offer, the Company intends to opportunistically execute open market share repurchases throughout the remainder of 2018. Share repurchases had previously been suspended since the end of 2017 pending the completion of the Embraco sale process and related negotiations.
The tender offer is not contingent upon obtaining any financing. However, the tender offer is subject to a number of other terms and conditions, which are described in detail in the offer to purchase. Specific instructions and a complete explanation of the terms and conditions of the tender offer will be contained in the offer to purchase, the letter of transmittal and the related materials, which will be mailed to stockholders of record shortly after commencement of the tender offer.
None of the Company, the members of its Board of Directors, the dealer managers, the information agent or the depositary makes any recommendation as to whether any stockholder should participate or refrain from participating in the tender offer or as to the price or prices at which stockholders may choose to tender their shares in the tender offer.
Additional Information Regarding the Tender Offer
This press release is for informational purposes only. This press release is not a recommendation to buy or sell Whirlpool common stock or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell Whirlpool common stock or any other securities. Whirlpool will be filing today a tender offer statement on Schedule TO, including an offer to purchase, letter of transmittal and related materials, with the
Whirlpool Corporation Additional Information
This document contains forward-looking statements about Whirlpool that speak only as of the communication made. Whirlpool disclaims any obligation to update these statements except as required by law. Forward-looking statements in this document may include, but are not limited to, statements regarding tender offer pricing, benefits and timing, and subsequent share repurchase expectations. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: the risk that the tender offer will not commence timely, that the tender offer will not be successful, and that Whirlpool's post-tender offer share repurchase intentions may change. Additional information concerning these and other factors can be found in Whirlpool's filings with the
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Whirlpool Corporation, Media: Whirlpool Corporation Press Office, 269/923-7405, Media@Whirlpool.com, Financial: Max Tunnicliff, 269/923-2641, Investor_Relations@Whirlpool.com