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Spectrum Sets June 11 for Shareholders Meeting on Russell Hobbs Merger

Posted on May 10, 2010 by HFN Staff

MADISON, Wis.-Spectrum Brands has scheduled a shareholders meeting on its proposed merger with Russell Hobbs for June 11.

At the meeting, the shareholders are scheduled to vote on the adoption of the merger agreement and the plan of merger, which was announced on Feb. 9.

According to a statement from Spectrum, two conditions for the closing of the merger are the approval by holders of a majority of Spectrum's common stock and, separately, by a majority of holders of Spectrum's common stock not owned by Harbinger Capital Partners. Spectrum's two largest shareholders--Harbinger, current owner of Russell Hobbs and holder of slightly more than 40 percent of Spectrum's outstanding shares; and Avenue Capital, which holds about 22 percent of Spectrum's outstanding shares--have already agreed to vote their shares in favor of the transaction, the statement said.

The proposed merger would create a global consumer-products company with an estimated $3 billion in annual revenues. The deal is now expected to close in June, the statement said.