Spectrum Brands (SPC) Has Issues Selling its Global Pet Supply Business
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Spectrum Brands, Inc. (NYSE: SPC) has not been successful in its attempt to secure the consent of its senior lenders necessary to complete the previously announced sale of its global pet supply business.
On May 21, 2008 the Company announced that it had signed a definitive purchase agreement with Salton, Inc. and its wholly owned subsidiary, Applica Pet Products LLC, for the sale of the Company's global pet business. Receipt of consent from its senior lenders is a condition to the completion of the sale.
The Company continues to believe that the sale of its global pet business to Salton, Inc. and its wholly owned subsidiary, Applica Pet Products LLC, upon the negotiated terms is in the best interests of the Company and its shareholders, as well as its other constituencies. The definitive purchase agreement continues in full force and effect, and the Company intends to comply with its obligations thereunder in order to satisfy the conditions necessary to consummate the sale of its global pet supply business.[SM]
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