NACCO Industries, Inc. Commences Cash Tender Offer For Applica Common Shares
15 Dicembre 2006 - 1:19PM
PR Newswire (US)
CLEVELAND, Dec. 15 /PRNewswire-FirstCall/ -- NACCO Industries, Inc.
(NYSE:NC) announced today that through an indirect, wholly owned
subsidiary, it has commenced a cash tender offer to purchase all of
the issued and outstanding shares of common stock, par value $0.10
per share, of Applica Incorporated (NYSE:APN) at an offer price of
$6.50 per share, net to the seller in cash, without interest
thereon, upon the terms and subject to the conditions set forth in
the Offer to Purchase and related Letter of Transmittal, both dated
today. NACCO estimates that the total value of the transaction,
including assumed debt as of September 30, 2006 of $163.0 million,
is approximately $325.5 million. The tender offer is subject to
various conditions, including the tender of a majority of Applica
shares, calculated on a fully diluted basis. The tender offer is
not subject to a financing contingency. NACCO has also proposed to
amend the July 23, 2006 merger agreement to provide for, among
other things, the sale of Applica at the $6.50 cash price per share
pursuant to a tender offer. On October 19, 2006, Applica purported
to 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, among other
matters, and seeking specific performance and damages. Neither
NACCO's tender offer nor the proposed merger agreement is intended
to affect that litigation. In light of Applica's purported
agreement with the Harbinger entities, however, the tender offer is
conditioned on the termination of that agreement by Applica, or the
entry of a court order satisfactory to NACCO that the Harbinger
agreement is not valid. The tender offer is also subject to the
Applica Board of Directors irrevocably taking all necessary actions
to make any anti-takeover laws and regulations inapplicable to the
tender offer and related transactions. The tender offer is
scheduled to expire at 12:00 midnight, New York City time, on
Tuesday, January 16, 2007, unless the tender offer is extended.
Questions regarding the tender offer or requests for offering
materials should be directed to the information agent, MacKenzie
Partners, Inc., at (800) 322-2885. Offering materials are being
filed today by Apex Acquisition Corporation, an indirect wholly
owned subsidiary of NACCO, with the Securities and Exchange
Commission (SEC) and will be available on the SEC's website at
http://www.sec.gov/. Applica's shareholders are urged to read the
offering materials filed by Apex Acquisition Corporation, which
contain important information. THIS PRESS RELEASE SHALL NOT
CONSTITUTE AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO
SELL, WHICH MAY BE MADE ONLY PURSUANT TO THE TERMS OF THE OFFER TO
PURCHASE AND RELATED LETTER OF TRANSMITTAL BEING FILED TODAY WITH
THE SECURITIES AND EXCHANGE COMMISSION. THE OFFER IS NOT BEING MADE
TO, NOR WILL TENDERS BE ACCEPTED FROM OR ON BEHALF OF, HOLDERS OF
APPLICA SHARES IN ANY JURISDICTION IN WHICH THE MAKING OF THE OFFER
OR THE ACCEPTANCE THEREOF WOULD NOT COMPLY WITH THE LAWS OF THAT
JURISDICTION. About NACCO NACCO is an operating holding company
with three principal businesses: lift trucks, housewares and
mining. NACCO Materials Handling Group, Inc. designs, engineers,
manufactures, sells, services and leases a comprehensive line of
lift trucks and aftermarket parts marketed globally under the
Hyster and Yale brand names. NACCO Housewares Group consists of
Hamilton Beach/Proctor-Silex, a leading designer, marketer and
distributor of small electric household appliances, as well as
commercial products for restaurants, bars and hotels, and The
Kitchen Collection, Inc., a national specialty retailer of
kitchenware and gourmet foods operating under the Kitchen
Collection and Le Gourmet Chef store names in outlet and
traditional malls throughout the United States. The North American
Coal Corporation mines and markets lignite coal primarily as fuel
for power generation and provides selected value-added mining
services for other natural resources companies. Additional
information about NACCO is available at http://www.nacco.com/. For
questions about the tender offer, contact: MacKenzie Partners, Inc.
105 Madison Avenue New York, New York 10016 Toll-Free: (800)
322-2885 or, Call Collect: (212) 929-5500 ANALYSTS AND MEDIA
CONTACT: NACCO Industries, Inc. Christina Kmetko Manager -- Finance
(440) 449-9669 DATASOURCE: NACCO Industries, Inc. CONTACT:
Christina Kmetko, Manager -- Finance of NACCO Industries, Inc.,
+1-440-449-9669 Web site: http://www.nacco.com/
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