New York, June 14 (Reuters): The Blackstone Group is among the private equity firms that may be interested in launching a counter bid for appliance maker Maytag Corp, said sources familiar with the matter.

Shares of Maytag closed up 75 cents, or 5.2 per cent, to $15.24 on the New York Stock Exchange.

Maytag agreed to be bought last month in a deal led by private equity firm Ripplewood Holdings LLC for $14 a share, a 21 per cent premium to Maytag’s closing price the day of the announcement.

On May 20, the day after the announcement, Maytag’s shares shot up nearly 25 per cent, closing 40 cents above the offer price, where they remained until Monday.

The stock increase fuelled speculation that the offer opened the door to counter bids from other private equity firms or corporate buyers.

Blackstone and Maytag declined to comment. Ripplewood was not available for comment.

The Ripplewood deal comes as Maytag, a century-old American icon whose products include Hoover vacuums and its brand-name washing machines, struggles with higher raw material costs, shrinking market share and competitors with lower labour costs. Among Maytag’s rivals are LG Electronics and Whirlpool Corp.

One corporate buyer and two other private equity firms have also expressed interest in submitting a counter bid, said a source, who did not want to be identified.

Still, several analysts believe that the $14-a-share offer is the best price available for the company, and that talk of outside bidders is mere speculation.

“With the stock trading above the offer price since day one of the deal, clearly the market is pricing in another bid,” said Peter Lobravico, head of merger arbitrage trading at Wall St Access, a New York brokerage firm.

“But it’s really speculation at this point. The $14 price is fair considering the company’s struggles and its balance sheet concerns.”

Lobravico added that while some shareholders have voiced concern about the deal, others are happy with the offer, considering that the stock was trading at around $9 before word spread that Ripplewood was interested.

Under terms of the deal, Newton, Iowa-based Maytag can actively solicit other bids until June 18, according to several people familiar with the terms. After that, the company can consider other offers. Ripplewood has a $40-million break-up fee if the deal falls through, according to filings.

The Blackstone Group, one of the world’s largest private equity firms, is seeking to raise an $11 billion buyout fund. The fund would eclipse the record $6.5 billion Blackstone raised in 2002.

Private equity firms buy companies or take controlling positions in them to restructure the company, cut costs and sell it later at a premium to another company or to the public in the form of an IPO.