April 12, 2010 / 1:53 PM / 8 years ago

UPDATE 1-Spectrum sticks with Russell Hobbs as go-shop ends

* 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 (Reuters) - 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)

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