FOR IMMEDIATE RELEASE
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Contact:
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Investor Relations Department
(954) 883-1000
investor.relations@applicamail.com |
Harbinger Capital Partners Acquires Applica for $8.25 Per Share
Miramar, Florida (January 23, 2007) — Applica Incorporated (NYSE: APN) today announced that
it has completed the previously announced merger transaction with affiliates of Harbinger Capital
Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P.
(together, “Harbinger Capital Partners”) under which Harbinger Capital Partners has acquired
Applica. The shares of Applica common stock that Harbinger Capital Partners did not previously own
were cancelled and converted into the right to receive $8.25 per share in cash, without interest.
Payment information will be mailed to Applica shareholders as soon as practicable.
Completion of the transaction follows adoption and approval of the Harbinger Capital Partners
merger agreement by Applica’s shareholders today at a special meeting of shareholders. Applica
shares have ceased trading on the New York Stock Exchange.
Applica’s financial advisor is Banc of America Securities LLC and its legal advisor is
Greenberg Traurig, P.A. Harbinger Capital Partners’ financial advisor with respect to this
transaction is Lazard Frères & Co. LLC and its legal advisor is Paul, Weiss, Rifkind, Wharton &
Garrison LLP.
About Applica Incorporated:
Applica and its subsidiaries are marketers and distributors of a broad range of branded and
private-label small household appliances. Applica markets and distributes kitchen products, home
products, pest control products, pet care products and personal care products. Applica markets
products under licensed brand names, such as Black & Decker®; its own brand names, such
as Windmere®, LitterMaid®, Belson® and Applica®; and
other private-label brand names. Applica’s customers include mass merchandisers, specialty
retailers and appliance distributors primarily in North America, Mexico, Latin America and the
Caribbean. Additional information about Applica is available at www.applicainc.com.
About Harbinger Capital Partners:
The Harbinger Capital Partners investment team located in New York City manages in excess of
$5 billion in capital through two complementary strategies. Harbinger Capital Partners
Master Fund I, Ltd. is focused on restructurings, liquidations, event-driven situations,
turnarounds and capital structure arbitrage, including both long and short positions in highly
leveraged and financially distressed companies. Harbinger Capital Partners Special Situations Fund,
L.P. is focused on distressed debt securities, special situation equities and private loans/notes
in a predominantly long-only strategy.
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Black & Decker® is a trademark of The Black & Decker Corporation, Towson, Maryland. |