* Spectrum says no alternative offers deemed superior
* Sees Russell Hobbs deal closing this summer
* Shares rise 0.6 pct to $30.53
CHICAGO, April 12 Spectrum Brands Inc (SPB.N)
said it found no superior offers to the Russell Hobbs
acquisition during its "go-shop" period and still plans to buy
the small appliance company this summer.
The deal, announced in February, calls for the Russell
Hobbs lineup of small appliances to be added to Spectrum's
various product lines including Rayovac batteries, Remington
shavers and other household products. [ID:nN09238737]
The "go-shop" period refers to a period of time during
which Spectrum was allowed to look for alternative proposals to
the Russell Hobbs deal.
Russell Hobbs sells appliances under brands such as Black &
Decker, George Foreman and Toastmaster. Its only shareholder,
Harbinger Capital, plans to convert existing Russell Hobbs term
debt and preferred stock into common stock of the combined
company, which will be called Spectrum Brands. Harbinger also
already has a stake in Spectrum.
Shares of Spectrum climbed 19 cents, or 0.6 percent, to
$30.53 in morning trading on the New York Stock Exchange.
(Reporting by Jessica Wohl; Editing by Derek Caney)