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Merger Talks Between Hayward And Maytronics Break Down

by Barrett Kilmer February 23, 2012 11:43 AM

Hayward and Maytronics logos Hayward Industries, a global leader in swimming pool products, confirmed reports that discussions to acquire Maytronics Ltd., have been discontinued.

Both parties had previously signed a letter of intent and were participating in active negotiations toward a merger agreement. Since the merger was subject to approval of the Maytronics’ shareholders, Maytronics solicited the early opinion of its major shareholder, Kibbutz Yizrael-Workers Group for Cooperative Settlement Ltd., which holds a majority of the Maytronics voting power. However, the merger proposal was voted down by the general membership of Kibbutz Yizrael.

Robert Davis, president and CEO of Hayward, said, “We are disappointed in the outcome of our discussions with Maytronics, as the merger would have been highly complementary and synergistic to both companies, offering our collective customers greater choice and value.”

Barrett Kilmer, has been on the editorial staff of AQUA magazine since 2000. He has a B.A. in English from the University of Wisconsin - Madison, and currently lives in Madison, Wisc.

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Comments (1) -

2/23/2012 6:16:43 PM #

I believe Hayward Industries would have offered less for Maytronics Ltd anyway.

If a Majority Shareholder group such as Kibbutz Yizrael-Workers Group for Cooperative Settlement Ltd. killed the deal I'd be interested to learn why. Sounds like Davis is leaving the door open to re-engage in future talks

-jim deberry
http://aquapooldealer.com

jim deberry