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. Last Updated: 07/27/2016

China's Haier Bows Out of Maytag Bidding

NEWTON, Iowa -- Chinese appliance manufacturer Haier America and two investment partners are ending their bid to buy rival Maytag.

Maytag said in a statement late Tuesday that Haier America, a subsidiary of Haier Group, had informed it that the company and partners Bain Capital and Blackstone Group would no longer pursue their bid. Maytag did not release the Haier letter, and company spokesman John Daggett declined to comment further on Tuesday.

Haier officials, contacted at the company's headquarters in the eastern Chinese city of Qingdao, refused to comment.

On Sunday, rival appliance maker Whirlpool also jumped into the bidding for Maytag with a $1.37 billion offer.

Maytag disclosed last month it was considering a preliminary $1.28 billion bid from Haier America and the investment firms, which valued Maytag at $16 per share.

Haier Group is China's largest appliance manufacturer, producing refrigerators, laundry machines, dishwashers and small appliances.

The offer from Whirlpool, the United States' largest appliance maker, values Maytag stock at $17 per share.

In May, Maytag's board accepted a $14 per share proposal from an investment group, Triton Acquisition, led by Ripplewood Holdings.