By Lisa Kerner
Charlotte, N.C., Jan. 17 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP increased their merger consideration to $8.25 from $7.75 per share in cash, entering into a fifth amendment to their merger agreement with Applica Inc.
This latest offer includes a termination fee of $7 million plus certain expenses up to $3.3 million.
Applica's board of directors recommended that its shareholders vote in favor of the amended agreement during a special meeting on Wednesday, according to a company news release.
The offer comes after Nacco Industries, Inc. subsidiary Apex Acquisition Corp. increased its unsolicited share price offer to $8.05 per share. Applica's board advised its shareholders not to tender their shares in the Nacco offer.
Located in Miramar, Fla., Applica distributes small household appliances.
Harbinger Capital is a New York-based investment firm.
| Acquirer: | Harbinger Capital Partners
|
| Target: | Applica Inc.
|
| Payment per share: | $8.25
|
| Termination fee: | $7 million plus certain expenses up to $3.3 million
|
| Announcement date: | Jan. 17
|
| Expected closing: | Jan. 23
|
| Stock price for target: | NYSE: APN; $8.14 on Jan. 16
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