Xue Wen/Shanghai Daily news

Haier Group, a Chinese home appliance maker, is making a counterbid together with a host of investors to beat Ripplewood's US$2.1 billion takeover offer for Maytag Corp, the third biggest US home appliance maker.
Maytag said yesterday it has received a proposal from Haier America Trading, a wholly owned subsidiary of Haier Group, and two private equity companies Bain Capital Partners LLC and Blackstone Capital Partners IV L.P., to acquire all of Maytag's outstanding shares in cash for US$16 per share.
Maytag said the deal may also involve debt financing provided by Merrill Lynch & Co based on terms and conditions to be agreed by Merrill Lynch, Bain, Blackstone and Haier America.
Maytag, which had 79.7 million shares outstanding as of April 2, agreed to be acquired by a group led by Ripplewood Holdings LLC for US$14 per share in cash on May 19.
Ripplewood also agreed to assume Maytag's US$975 million of debt, which boosted its offer up to US$2.1 billion.
"We continue to support the Ripplewood transaction. However, we also believe that it is incumbent on us to pursue this possibility of achieving a higher price for our stockholders," Howard Clark, Maytag's lead director, said in a statement.
But Maytag said the proposal from Haier and its fellow investors would not necessarily result in a definitive agreement.
The potential acquisition will make Haier one of the top four appliance makers in the US.