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NEW YORK - Shares of Spectrum Brands Inc. dropped Monday after the maker of Remington shavers and other products said its senior lenders have not given consent for the company to sell its global pet-supply business.
| SPC | 0.12 |  0.01 |
Shares fell 16 cents, or 5.9 percent, to $2.55 Monday.
In May, Spectrum said it planned to sell the business to appliance maker Salton Inc. for $692.5 million in cash. To go forward with the sale, Spectrum must receive consent from a majority of its senior lenders.
Oppenheimer & Co. analyst Joseph Altobello said in a note to investors that Spectrum may have to "sweeten the pot" by agreeing to a higher consent fee to make it more agreeable to lenders.
Altobello added that the company's senior lender group is made up of "a long and varied list of banks and investors ... each with its own agenda and objectives."
The division--called United Pet Group--sells aquariums, bedding products and health and grooming supplies for pets.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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