NACCO Industries, Inc. said today that, through a wholly owned subsidiary, it will offer U.S. $6.50 per share for all of the issued and outstanding shares of common stock of Applica Incorporated. NACCO estimates that the total value of the transaction, including assumed debt as of Sept. 30, 2006, is approximately $325.5 million.
NACCO also proposed to amend its July 23, 2006 merger agreement with Applica to provide for, among other things, the sale of Applica at the $6.50 cash price per share.
On Oct. 19, 2006, Applica said it would terminate that agreement and signed an agreement with affiliates of Harbinger Capital Partners at $6.00 per share in cash. NACCO has initiated litigation challenging that termination.
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