Central Garden & Pet Company offered $10 per Share by Harbinger Group

2014-06-24
Published : Jun-2014

The Harbinger Group which is run by Philip A. Falcone, the hedge fund manager has offered $10 a share to acquire the Central Garden & Pet Company.

This offer which is for Class B and Class A shares of Central Garden represents a premium of 11 percent from Friday’s closing stock price. The shares are 27.5 percent above where the shares were trading on June 6 before Harbinger revealed that it had taken a stake of above 4 percent in Central Garden and was also seeking a dialogue on “strategic alternatives.”

The Central Garden & Pet Company operates two segments, the garden and lawn unit and the pet-supply unit. The pet-supply unit of the Central sells aquariums, dog bones and vitamins, whereas its garden-and- lawn business sells flower pots, grass seed and weed killer. Harbinger said that it would offer to acquire Central Garden’s pet business for $750 million in cash. Harbinger also added that it may further increase the value of its current proposals, if the Central Garden board grants access to customary diligence materials and also engages in a constructive dialogue.

On June 9, when Harbinger revealed its stake, it said that in the past on several occasions when they have shown their desire to discuss a transaction with the company to its controlling stockholder and the chairman of the board, Mr. William Brown. They said that till date the Central Garden & Pet Company has not shown any willingness to engage with them. Mr. William Brown has a stake of above 26 percent in the company.

Based in Walnut Creek, California, Central Garden has garden brands that include Grant’s Kills Ants and Cedar Works. The company’s pet brand includes Nylabone, Pennington Seed and Breeder’s Choice.

According to Standard & Poor’s Capital IQ, the Central Garden & Pet Company has a total enterprise value of $978.3 million and annual revenue of above $1.6 billion.

The Harbinger Group owns pet and garden businesses of Spectrum Brands, which includes Tetra Black Flag and Marineland.

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