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Salton sets date for Applica merger vote
By Lisa Kerner
Charlotte, N.C., Nov. 27 - Salton, Inc. shareholders will vote on the company's acquisition of Applica Inc., an APN Holding Co. subsidiary, at a special meeting set for Dec. 28.
The record date for the meeting is Nov. 20, according to a form 8-K filing with the Securities and Exchange Commission.
APN is owned by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP.
As previously reported, under the merger agreement, all outstanding shares of Salton's series A voting convertible preferred stock and series C non-voting preferred stock will be converted into shares of Salton's common stock, and Harbinger Capital will exchange $90 million of Salton's second-lien notes and $15 million of Salton's senior subordinated notes due 2008 for shares of a new series of 16% non-voting preferred stock of Salton.
Harbinger Capital will then own 92% of the outstanding common stock of Salton, and existing holders of Salton's common stock, series A convertible preferreds and series C preferreds would own 2%, 3% and 3%, respectively.
APN terminated a prior agreement with Salton under which a Salton subsidiary was to merge with and into APN after the companies failed to close the deal by the July 31 deadline.
Lake Forest, Ill.-based Salton markets and distributes branded small appliances, home decor and personal care products.
Applica, located in Miramar, Fla., along with its subsidiaries, markets branded and private-label small household appliances.
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