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00:02David Tepper, founder of Appaloosa Management, sent a letter to Whirlpool's board accusing
00:07management of destroying shareholder value and calling for strategic changes, according
00:11to CNBC.
00:12Tepper criticized the company's equity issuance, calling it unnecessary dilution that raised
00:17capital at a cost exceeding 10 percent, compared with a tax-adjusted debt cost below 5 percent.
00:23He said management's actions conflicted with its goal of reducing leverage.
00:27Whirlpool announced a secondary sale to raise $454.9 million from common stock and $508.1
00:34million from depository shares.
00:36The hedge fund manager criticized Whirlpool for not capitalizing on tariffs instituted under
00:41Trump and urged the company to pursue partnerships or mergers with disadvantaged foreign competitors
00:46to strengthen its strategy.
00:48Whirlpool did not respond to CNBC's request for comment.
00:51For all things money, visit Benzinga.com
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