Central Garden & Pet Decides Not To Pursue Harbinger Proposals

(RTTNews) - Central Garden & Pet Company (CENT, CENTA), a supplier of lawn and garden and pet products, Tuesday said its Board of Directors unanimously concluded that it will not pursue two proposals received from Harbinger Group Inc. (HRG) to acquire the company or its Pet segment.

In June, Harbinger Group offered to buy Central Gardern for $10.00 per share in cash, or alternatively offered to acquire the company's Pet Segment for $750 million.

"While we appreciate Harbinger's interest in Central, we believe the proposals do not reflect Central's future growth opportunities or the value we expect to deliver to our shareholders in the coming years," said John Ranelli, President and Chief Executive Officer of Central.

"Our Board and management believe that Central is taking the right steps to improve our business and generate superior revenue and profitability growth. We are confident that these initiatives will secure our position as a leader in our marketplace and build value for our shareholders," Ranelli added.

The Board was assisted in its review by Lazard as financial advisor and Cravath, Swaine & Moore LLP as legal advisor.