NEW YORK, Sept 13 Spectrum Brands Holdings Inc
and Apollo Global Management LLC are bidding for
a Stanley Black & Decker Inc unit that makes door locks
and bath fixtures, according to three people familiar with the
matter, in a deal that could be worth around $1.5 billion.
The two bidders, which are among a handful of parties that
submitted final bids earlier in September, appear to be the
frontrunners to buy Stanley Black & Decker's hardware and
home-improvement business, the people said.
Stanley Black & Decker, which has hired Goldman Sachs Group
to shop the business, has yet to decide which party to
sell the business to, the people said, adding that a deal could
come in the next few weeks. The unit makes a range of home
accessories under brands such as Baldwin, Weiser Lock, Kwikset
and Price Pfister.
A deal would be a big bite for Spectrum Brands, which has a
market value of just over $2 billion. The Madison,
Wisconsin-based consumer products company makes Rayovac
batteries and sells small home appliances under the George
Foreman and Black & Decker brands.
Representatives for Stanley Black & Decker, Spectrum Brands
and Goldman Sachs did not immediately respond to requests for
comment. Apollo declined to comment.
(Reporting by Soyoung Kim, Michael Erman and Greg Roumeliotis
in New York; Editing by Gary Hill)