SPB

Spectrum Brands Holdings, Inc.

60.04
USD
1.20%
60.04
USD
1.20%
38.93 104.38
52 weeks
52 weeks

Mkt Cap 2.56B

Shares Out 42.62M

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Spectrum Brands gains amid report Assay Abloy considering sales to get antitrust OK

Spectrum Brands (NYSE:SPB) rose 4.9% amid a report that Assay Abloy (OTCPK:ASAZF) is considering selling Yale and Emtek brands to win U.S antitrust approval for its Spectrum Brands deal. Asso Abloy is working with an advisor to try to find a buyer for the brands, according to a Reuters report, which cited sources familiar. Potential acquirers may include private equity firms and the two brands may be worth $1 billion to $2 billion. The Reuters piece comes after Spectrum Brands (SPB) plunged 16% on Sept. 15 after after the U.S. Justice Department sued to block Assa Abloy AB from acquiring Spectrum's (SPB) door hardware unit. The DOJ said that transaction would combine two of the three leading providers of residential door hardware. The DOJ lawsuit came after Spectrum Brands (SPB) announced the sale of its hardware & home improvement segment to Assa Abloy for $4.3B in cash in September. Spectrum Brands (SPB) said in a statement at the time that it planned to "vigorously oppose" the DOJ's "baseless attempt" to block the sale and it's committed to completing the transaction and are confident it will prevail in litigation.

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