Salton (NYSE:SFP)
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From Jun 2019 to Jun 2024
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.