Salton, Inc. Enters Into Exclusivity Agreement
16 November 2006 - 11:58PM
Business Wire
Salton, Inc. (NYSE:SFP) announced today that the company has
entered into an exclusivity agreement with Harbinger Capital
Partners Master Fund�I,�Ltd. (Harbinger). The agreement provides
that Salton will not on or prior to December�15, 2006 solicit or,
subject to certain exceptions, otherwise negotiate any acquisition
proposal involving Salton with any person other than Harbinger.
Salton and Harbinger are currently in discussions with respect to a
possible combination of Salton and Applica, which is party to a
definitive agreement to be acquired by certain affiliates of
Harbinger . Harbinger has agreed to use its commercially reasonable
efforts to complete its due diligence and negotiate customary
commitment letters in respect of financing for the combined
companies, in each case on or prior to December 15, 2006. Salton
emphasized that there can be no assurance that any transaction will
occur or, if one is undertaken, of its potential terms or timing.
Salton may not update its progress or disclose developments with
respect to potential strategic initiatives unless the Board of
Directors has approved a definitive course of action or
transaction. About Salton, Inc. Salton, Inc. is a leading designer,
marketer and distributor of branded, high-quality small appliances,
home decor and personal care products. Its product mix includes a
broad range of small kitchen and home appliances, electronics for
the home, time products, lighting products, picture frames and
personal care and wellness products. The Company sells its products
under a portfolio of well recognized brand names such as Salton�,
George Foreman�, Westinghouse (TM), Toastmaster�, Melitta�, Russell
Hobbs�, Farberware�, Ingraham� and Stiffel�. It believes its strong
market position results from its well-known brand names,
high-quality and innovative products, strong relationships with its
customer base and its focused outsourcing strategy. Certain matters
discussed in this press release are forward-looking statements that
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in the
forward-looking statements. These factors include: Salton's ability
to repay or refinance its indebtedness as it matures and satisfy
the redemption obligations under its preferred stock; Salton's
ability to realize the benefits it expects from its U.S.
restructuring plan; Salton's substantial indebtedness and
restrictive covenants in Salton's debt instruments; Salton's
ability to access the capital markets on attractive terms or at
all; Salton's relationship and contractual arrangements with key
customers, suppliers and licensors; pending legal proceedings;
cancellation or reduction of orders; the timely development,
introduction and customer acceptance of Salton's products;
dependence on foreign suppliers and supply and manufacturing
constraints; competitive products and pricing; economic conditions
and the retail environment; international business activities; the
risks related to intellectual property rights; the risks relating
to regulatory matters and other risks and uncertainties detailed
from time to time in Salton's Securities and Exchange Commission
Filings. Salton, Inc. (NYSE:SFP) announced today that the company
has entered into an exclusivity agreement with Harbinger Capital
Partners Master Fund I, Ltd. (Harbinger). The agreement provides
that Salton will not on or prior to December 15, 2006 solicit or,
subject to certain exceptions, otherwise negotiate any acquisition
proposal involving Salton with any person other than Harbinger.
Salton and Harbinger are currently in discussions with respect to a
possible combination of Salton and Applica, which is party to a
definitive agreement to be acquired by certain affiliates of
Harbinger . Harbinger has agreed to use its commercially reasonable
efforts to complete its due diligence and negotiate customary
commitment letters in respect of financing for the combined
companies, in each case on or prior to December 15, 2006. Salton
emphasized that there can be no assurance that any transaction will
occur or, if one is undertaken, of its potential terms or timing.
Salton may not update its progress or disclose developments with
respect to potential strategic initiatives unless the Board of
Directors has approved a definitive course of action or
transaction. About Salton, Inc. Salton, Inc. is a leading designer,
marketer and distributor of branded, high-quality small appliances,
home decor and personal care products. Its product mix includes a
broad range of small kitchen and home appliances, electronics for
the home, time products, lighting products, picture frames and
personal care and wellness products. The Company sells its products
under a portfolio of well recognized brand names such as Salton(R),
George Foreman(R), Westinghouse (TM), Toastmaster(R), Melitta(R),
Russell Hobbs(R), Farberware(R), Ingraham(R) and Stiffel(R). It
believes its strong market position results from its well-known
brand names, high-quality and innovative products, strong
relationships with its customer base and its focused outsourcing
strategy. Certain matters discussed in this press release are
forward-looking statements that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements. These
factors include: Salton's ability to repay or refinance its
indebtedness as it matures and satisfy the redemption obligations
under its preferred stock; Salton's ability to realize the benefits
it expects from its U.S. restructuring plan; Salton's substantial
indebtedness and restrictive covenants in Salton's debt
instruments; Salton's ability to access the capital markets on
attractive terms or at all; Salton's relationship and contractual
arrangements with key customers, suppliers and licensors; pending
legal proceedings; cancellation or reduction of orders; the timely
development, introduction and customer acceptance of Salton's
products; dependence on foreign suppliers and supply and
manufacturing constraints; competitive products and pricing;
economic conditions and the retail environment; international
business activities; the risks related to intellectual property
rights; the risks relating to regulatory matters and other risks
and uncertainties detailed from time to time in Salton's Securities
and Exchange Commission Filings.
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