Hedge fund titan David Tepper, a significant shareholder in Whirlpool, has publicly urged the appliance maker to consider selling itself.
This call comes after Whirlpool's recent issuance of approximately $1 billion in stock and convertible preferreds, which Tepper views as a substantial and unnecessary dilution of shareholder value, executed at a high cost of capital. In a letter to the board, Tepper criticized management's judgment and accused them of prioritizing job preservation over shareholder interests, citing a history of destroyed shareholder value.
He suggested that Whirlpool should explore mergers or partnerships with domestic or foreign entities that could enhance equity value and create American jobs. The article also notes that Bosch had previously considered an offer for Whirlpool and highlights Tepper's current unrealized loss on his investment.
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