ATLANTA–The sale of Spectrum Brands’ global pet-supply business to Salton is on hold.
In a statement released yesterday, Salton said it had not yet gotten the consent of its senior lenders, which is a condition for the deal to go forward. The statement didn’t clarify what specifically was holding the lenders back from approving the sale. In May, Spectrum announced that it would sell the pet-supply business to Salton for $692.5 million in cash, plus an aggregate principal amount of Spectrum’s subordinated debt securities equal to $222.5 million, less an amount equal to accrued and unpaid interest on these securities.
Spectrum said it would continue to pursue the sale, and that the deal “is in the best interests of the company and its shareholders, as well as its other constituencies.”