Energizer Under Pressure On Acquisition Of Spectrum Brands' Auto Care Business

(RTTNews) - Shares of Energizer Holdings, Inc. (ENR) have shown a significant move to the downside during trading on Thursday, tumbling by 4.1 percent. Earlier in the session, Energizer hit its lowest intraday level in well over seven months.

The steep drop by Energizer comes after the battery maker announced an agreement to acquire Spectrum Brands Holdings, Inc.'s (SPB) Global Auto Care Business in a cash and stock transaction valued at approximately $1.25 billion.

Energizer also said it has entered into an amended acquisition agreement and proposed a remedy for consideration to the European Commission in relation to its proposed $2.0 billion acquisition of Spectrum Brands' Battery and Portable Lighting Business.

The news has overshadow Energizer's fiscal fourth quarter results, which exceeded analyst estimates on both the top and bottom lines.