Harbinger Sued By Rival Bidder In Acquisition

philip falcone harbinger

In 2006 both Nacco and Harbinger placed competing bids for Applica, an appliance firm. Harbinger won.

Now Nacco Industries is suing because, they say, Harbinger overtook its bid for Applica based on private information.

From the Wall Street Journal:

Harbinger called the suit “meritless” and a “continuing effort by a disgruntled buyer to salvage something from its failed effort to buy Applica.”

Nacco’s case claims that they started talking about a merger with Applica first, in January.

Then Harbinger apparently started making moves a month later, before information about Nacco’s bid was public.

Among the evidence are two emails that Mr. Falcone reportedy sent in February to an outside broker: “START ACCUMULATING [Applica] QUIETLY. SIZE.” And later, “I CAN USE MORE [Applica] TODAY.”

Read the full article on Harbinger in the Wall Street Journal.

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