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NACCO and Harbinger Up Their Applica Offers Just Hours Before Merger Vote
Jan 4, 2007
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NACCO Industries, Inc. (Cleveland, Ohio, U.S.) increased its price on a cash tender offer to purchase all outstanding shares of common stock of Applica.  The offer was raised from U.S. $7.50 per share to $7.75 per share and matches the offer price by takeover rival Harbinger Capital Partners.

Applica Incorporated (Miramar, Florida, U.S.), meanwhile, said it entered into a fourth amendment to its merger agreement with Harbinger Capital Partners after Harbinger increased the merger consideration payable for all outstanding shares of Applica that it does not currently own to $7.75 per share in cash.

The moves come just hours before a reconvened special meeting of Applica shareholders, called for today to vote on the proposed Harbinger merger.

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