By Lisa Kerner
Charlotte, N.C., Jan. 9 - Nacco Industries, Inc. said it increased the offer price for Applica, Inc. common stock to $7.90 per share from $7.75 per share and extended the tender offer to Jan. 23. The company had offered $6.50 for the stock in December in a deal that included a $6 million termination fee.
About 2,800 shares have been tendered at the close of business on Jan. 8, according to a news release.
Applica said it plans to hold a special shareholders meeting on Jan. 10 and is urging shareholders to accept the latest Nacco offer.
The company previously announced it was considering an amended offer from New York-based investment companies Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP, to purchase its shares for $7.75. Applica's shareholders will also vote on the Harbinger merger at the Jan. 10 meeting.
On July 24, 2006, Nacco announced a definitive agreement to spin off its Hamilton Beach/Proctor-Silex business and merge it with Applica, according to a company news release.
Located in Miramar, Fla., Applica distributes small household appliances.
Nacco is an operating holding company with three principal businesses: lift trucks, housewares and mining.
| Acquirer: | Nacco Industries, Inc.
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| Target: | Applica, Inc.
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| Payment per share: | $7.90
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| Termination fee: | $6 million
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| Announcement date: | July 24, 2006
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| Expected closing: | First quarter of 2007
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| Stock price for target: | NYSE: APN; $8.00 on Jan. 8
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