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NACCO Increases Offer for Applica to $7/Share
Dec 22, 2006
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NACCO Industries, Inc. (Cleveland, Tennessee, U.S.), parent company of small appliance maker Hamilton Beach/Proctor-Silex, said that through an indirect, wholly owned subsidiary, it increased the price in its cash tender offer to purchase all of the outstanding shares of common stock of of Applica Incorporated (Miramar, Florida, U.S.).  The increase takes the offered price from U.S. $6.50 per share to $7.00 per share.

The Applica board last week recommended shareholders not accept the NACCO offer because, among other reasons, the price per share being offered by NACCO was no higher than the $6.50 being offered by Harbinger Capital Partners.

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