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US: Spectrum Brands merges with holding company in US$10 b

By  |  February 26, 2018

Spectrum Brands in Middleton and HRG Group in New York announced Monday, February 26, that they have entered into a merger agreement, according to the Wall Street Journal.

HRG Group has shares of Spectrum Brands as its principal holding, and as a result of the merger HRG shareholders will effectively hold HRG’s interests in Spectrum Brands directly following the combination, officials said.

Under the terms of agreement, Spectrum Brands will be transformed into an independent public company with no controlling shareholder and a widely held shareholder base, according to the release.

Once the transaction is complete, Spectrum Brands shareholders will receive one newly issued share of the combined company for each share of Spectrum that they owned before the combination. Spectrum, whose brands include Rayovac and George Foreman, will become an independent public company with no controlling shareholder.

Full Content: The Wall Street Journal

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