Spectrum Brands/Russell Hobbs Merger Terms Changed
Mar 8, 2010
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Spectrum Brands and Russell Hobbs amended the terms of their merger agreement to allow Harbinger Capital Partners Master Fund I, Ltd., and two affiliates to purchase more shares of common stock, up to as many as two million shares.
Harbinger Capital Partners affiliated funds currently hold approximately 40% of Spectrum’s shares and 100% of the shares of Russell Hobbs.
Spectrum Brands and Russell Hobbs, Inc. signed a merger agreement in February. The merger will bring Russell Hobbs small appliance brands into Spectrum to create a new global consumer products company with $3 billion in annual revenues.
The combined company will operate under the Spectrum Brands name and will continue to be managed by Spectrum’s current senior management team. Terry Polistina, current CEO of Russell Hobbs, will be added to lead a fourth reporting segment made up of the existing Russell Hobbs’ portfolio of home appliance brands. Polistina will join Spectrum’s leadership team currently composed of Kent Hussey, CEO; Tony Genito, CFO; Dave Lumley, president of Global Batteries and Personal Care and Home and Garden; and John Heil, president of Global Pet Supplies.
Spectrum’s current reporting segments are Global Batteries and Personal Care, Global Pet Supplies, and Home and Garden.
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