Salton: No agreement on extension in proposed merger with APN Holding

By Lisa Kerner

Charlotte, N.C., July 24 - Salton, Inc. said that although it remains in discussions with APN Holding Co., Inc. regarding the companies' pending merger, they have not been able to agree on a mutual extension for completing the transaction.

APN and Salton entered into a definitive merger agreement on Feb. 7. Either company may terminate the agreement if the merger is not consummated by July 31.

Salton's wholly owned subsidiary SFP Merger Sub, Inc. is to merge with and into APN Holding, the entity that acquired all of the outstanding common shares of Applica Inc. in January, according to a previous news release. The combined company's estimated consolidated annual sales would reach $1 billion within two years.

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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