By Angela McDaniels
Seattle, Jan. 23 - Applica Inc. has been acquired by affiliates of Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP, according to a company news release.
The acquisition closed on Tuesday after the merger agreement was adopted and approved at a special meeting of Applica's shareholders, also on Tuesday.
The outstanding shares of Applica common stock not previously owned by Harbinger Capital Partners were cancelled and converted into the right to receive $8.25 in cash, without interest. Payment will be made to Applica shareholders "as soon as practicable," according to the release.
Harbinger increased its offer to $8.25 per share in cash from $7.75 on Jan. 17 and amended the offer to include a termination fee of $7 million plus certain expenses of up to $3.3 million.
The revised offer followed an increase in Nacco Industries, Inc. subsidiary Apex Acquisition Corp.'s unsolicited tender offer to $8.05 per share from $7.90.
In related news, David Maura, vice president and director of investments at Harbinger Capital Partners, resigned as a member of the board of directors of Salton, Inc. following the acquisition of Applica.
Applica distributes small household appliances and is based in Miramar, Fla.
Harbinger Capital is a New York-based investment firm.
| Acquirer: | Harbinger Capital Partners
|
| Target: | Applica Inc.
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| Payment per share: | $8.25
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| Termination fee: | $7 million plus certain expenses up to $3.3 million
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| Announcement date: | Jan. 17
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| Expected closing: | Jan. 23
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| Stock price for target: | NYSE: APN; $8.45 on Jan. 22
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