Hayward calls off bid for Maytronics

by MODE, ignore | May 9, 2012 3:42 pm

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Hayward confirms reports that discussions to acquire Maytronics and its line of robotic swimming pool cleaners have been discontinued.

Hayward Industries Inc., a manufacturer of swimming pool products in Elizabeth, N.J., has confirmed its discussions to acquire Maytronics Ltd., a manufacturer of robotic pool cleaners in Israel, have ceased.

According to Hayward, both parties had previously signed a letter of intent and were participating in active negotiations toward a merger agreement, which was subject to approval by Maytronics’ shareholders. However, the merger proposal was voted down by Maytronics majority shareholder, the general membership of Kibbutz Yizrael-Workers Group for Cooperative Settlement Ltd.

“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,” said Hayward’s president and CEO, Robert Davis.

As a result, Hayward plans to continue focusing on its long-term strategic development plan for global expansion and strengthening of its entire product line, especially in the energy efficient, growth category of robotic pool cleaners.

Source URL: https://www.poolspamarketing.com/trade/hayward-calls-off-bid-for-maytronics/

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