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Spectrum Brands, HRG amend merger agreement

Spectrum Brands Holdings Inc. and HRG Group Inc. on June 8 entered into an amendment to their merger agreement, according to a regulatory filing.

The companies amended the agreement to reflect that Spectrum's former CEO, Andreas Rouvé, will not be a member of HRG's board at the time of the merger. Rouvé stepped down as CEO and a director at the consumer goods company April 25, two months after the company announced its plan to merge with holding company HRG, its largest shareholder.

Spectrum said the amended agreement also modifies the definition of "substantial holder."

In the amended agreement, a substantial holder is still defined as a person or a single entity that holds at least 4.9% of the company's shares, but the updated clause states that a person shall not become a substantial holder as a result of the issuance of corporation securities pursuant to the merger if the board granted the person approval to receive corporation securities.

Apart from these changes, Spectrum said the planned $10 billion merger remains in full force.