By Lisa Kerner
Charlotte, N.C., Jan. 16 - Nacco Industries, Inc. increased its price per share to $8.05 from $7.90 in its cash tender offer for all of the issued and outstanding common stock of Applica Inc.
In addition, Nacco extended the tender offer expiration date to Jan. 29 to accommodate the revised price, according to a company news release.
Applica is encouraging shareholders to accept Naaco's revised offer at a special shareholders meeting on Jan. 17. Shareholders also will be asked to vote on the proposed Harbinger merger, the release stated.
About 3,300 shares had been tendered at the close of business on Jan. 12, the company said.
On July 24, Nacco announced a definitive agreement to spin off its Hamilton Beach/Proctor-Silex business and merge it with Applica.
Located in Miramar, Fla., Applica distributes small household appliances.
Nacco is a Mayfield Heights, Ohio-based operating holding company with three principal businesses: lift trucks, housewares and mining.
| Acquirer: | Nacco Industries, Inc.
|
| Target: | Applica, Inc.
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| Payment per share: | $8.05
|
| Termination fee: | $6 million
|
| Announcement date: | July 24, 2006
|
| Expected closing: | First quarter of 2007
|
| Stock price for target: | NYSE: APN; $8.04 on Jan. 12
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