Nacco Industries (NC) began a cash tender offer to buy Applica (APN) for $6.50 per share.

Cleveland-based Nacco said the deal is worth $163 million, plus that much in debt assumption. The deal comes as Nacco sues Applica to reinstate a merger the companies agreed to in July before Applica took a $6 a share deal in October from Harbinger Capital.

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