Applica Incorporated (Miramar, Florida, U.S.) said today it entered into a fifth amendment to its merger agreement with Harbinger Capital Partners. This came after Harbinger increased its per-share offer to U.S. $8.25 per share in cash. A special meeting, originally scheduled for Nov. 27, 2006, is scheduled to be held today at 11 AM Eastern Time; Applica intends to delay the merger vote and adjourn the meeting until Tuesday, Jan. 23, 2007.
The increased offer from Harbinger comes after NACCO Industries, Inc. yesterday increased its per-share offer from $7.90 per share to $8.05 per share.
Competing bidders NACCO and Harbinger have both increased their offers many times since bidding began in October 2006, when Applica terminated a merger agreement with NACCO business unit Hamilton-Beach/Proctor Silex in favor of a merger with Harbinger at $6.00 per share.
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