Harbinger Group Offers $10/Share In Cash For Central Garden & Pet - Quick Facts

(RTTNews) - Harbinger Group Inc. (HRG) Monday released its most recent letter sent to the Board of Directors of Central Garden & Pet Company (CENT) on June 16, in which it is offering to acquire, directly or through one of its affiliates, all of CENT for $10.00 in cash per share of Common Stock, Class A Common Stock and Class B stock.

The offer represents a 27.5 percent premium over the company's unaffected common stock price of $7.84 at the close of business on June 6, the last trading day before HRG publicly released its previous letter to CENT.

The firm alternatively offers to acquire CENT's Pet Segment for $750 million in cash.

HRG also indicated that it may be able to further increase the value of its current proposals if the CENT Board engages in a constructive dialogue and grants access to customary diligence materials.

HRG said that in addition to its previous letter sent to the CENT Board on June 9, it has repeatedly attempted to communicate with the CENT Board regarding the opportunity to create value from a potential transaction with CENT, including offering to meet in person with the Chairman of the Board.

The CENT Board and management have been so far unresponsive.

Based on reactions of other CENT shareholders in response to its previous letter of June 9th, HRG believes that there is wide and emphatic support for the CENT Board to engage with HRG and consider its proposals.

HRG believes that the CENT Board should impartially assess HRG's proposal and determine the course of action that is in the best interest of all its stockholders and not only in the best interest of Brown.

Accordingly, as a minority shareholder, HRG urged the CENT independent directors to promptly form a special committee of the CENT Board and retain legal and financial advisors who are independent and do not have a long standing relationships with the company or Brown.