Salton/Harbinger merger agreement hits snags
Lake Forest, Ill.-based housewares company Salton has hit some snags in its merger agreement with APN Holdco, a holding company set up by investment group Harbinger Capital Partners.
In a statement, Salton said the merger agreement, entered into on Feb. 7, remains in effect but could be terminated if it is not completed on or before July 31.
“The consummation of the pending merger remains subject to various conditions, including the approval by the company's stockholders and the financing of the merger,” Salton said.
The companies have not been able to agree on an extension of the date for completing the merger, and according to Salton, “as a result, there can be no assurance that the merger will occur upon its current terms or at all.”
Salton sells housewares under the names Westinghouse, Toastmaster, Melitta and George Foreman. Harbinger Capital Partners acquired Applica, maker of Black & Decker branded appliances, earlier this year.