BENTON HARBOR, Mich. — Whirlpool Corp.'s top executive fired the first salvo in a possible three-way bidding war for rival Maytag Corp., saying yesterday his company's $1.37 billion offer provides the "best opportunity to address Maytag's needs."

Jeff M. Fettig, chairman, president and chief executive of the nation's largest appliance maker, also expressed confidence that potential antitrust challenges could be surmounted.

The North American appliance market is "very open and competitive," Fettig said. "The combination would actually improve the competitiveness in our industry by setting higher standards for innovation, efficiency and customer service."

Whirlpool's $17-per-share offer tops a $14-a-share proposal that the board of Newton, Iowa-based Maytag accepted from an investment group, Triton Acquisition Holding Co., on May 19. A month later, Maytag said it also was considering a preliminary $1.28 billion bid from Chinese appliance maker Haier America, along with Bain Capital and Blackstone Group, that valued Maytag at $16 per share.