Notable Mergers and Acquisitions of the Day 5/21 (SPC, HNBC/WFBC, TWX/TWC)

May 21, 2008 9:27 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Spectrum Brands (NYSE: SPC) signed a definitive agreement with Salton Inc. and its wholly owned subsidiary, Applica Pet Products LLC, for the sale of its Global Pet Business for $692.5 million in cash and an aggregate principal amount of the Company’s subordinated debt securities equal to $222.5 million less an amount equal to accrued and unpaid interest on such subordinated debt securities since the dates of the last interest payments thereon, which, depending on when the closing occurs, could be an amount of up to approximately $6.5 million.
  
  The transaction is expected to be closed by the end of August '08.
  
  
• Harleysville National Corporation (Nasdaq: HNBC) and Willow Financial Bancorp, Inc. (Nasdaq: WFBC) have reached a definitive agreement for Willow Financial Bancorp to merge with and into HNC.
  
  Under the merger agreement each share of Willow Financial Bancorp common stock will be exchanged for 0.73 shares of HNC common stock. Based upon HNC's closing share price as of May 20, 2008, the transaction equates to approximately $10.28 per Willow Financial Bancorp share, for a total transaction value of approximately $162 million. Following the transaction, current HNC shareholders will own approximately 73% and current Willow Financial Bancorp shareholders 27% of the combined company. The deal is expected to close in Q4.
  
  
• Time Warner Inc. (NYSE: TWX) and Time Warner Cable Inc. (NYSE: TWC) announced that their respective boards of directors have approved an agreement that will result in the complete legal and structural separation of the two companies.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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