By Lisa Kerner
Charlotte, N.C., Jan. 3 - Applica Inc. said it entered into a fourth amendment to its merger agreement with affiliates of Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP, which raised the merger consideration to $7.75 per Applica share in cash.
The transaction, expected to be completed on Jan. 10, is not subject to any financing condition, according to a news release.
Applica's board of directors is recommending that shareholders vote in favor of the amended merger agreement with Harbinger Capital and to reject the same offer by NACCO Industries, Inc.'s wholly owned subsidiary Apex Acquisition Corp.
Located in Miramar, Fla., Applica distributes small household appliances.
Harbinger Capital is a New York-based investment team.
| Acquirer: | Harbinger Capital Partners
|
| Target: | Applica Inc.
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| Payment per share: | $7.75
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| Announcement date: | Jan. 3
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| Expected closing: | Jan. 10
|
| Stock price for target: | NYSE: APN: $7.99 on Dec. 29
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