UPDATE 1-Central Garden & Pet Co may see $10 per share offer - source

Sun Jun 22, 2014 10:34pm EDT

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(Adds sourcing, clarifies name of buyer, describes deal structure)

By Mike Stone

June 22 (Reuters) - Central Garden & Pet Co, a pet and lawn supply company, could see an unsolicited $10 per share offer from Harbinger Group Inc, according to a person familiar with the matter.

The Financial Times reported on Sunday that Harbinger Group had been seeking a deal for months with the Walnut Creek, California-based company.

Harbinger could propose to purchase the entire company for $10 per share or only the pet division for about $750 million, the person said.

On Friday, Central Garden & Pet Co's shares closed at $9 per share, giving the company a market capitalization of $454 million. The company has long-term debt of $545 million, according to a recent filing with the U.S. Securities and Exchange Commission.

Representatives from Harbinger declined to comment. Central Garden & Pet Co did not immediately return calls for comment on Sunday evening. (Reporting By Mike Stone; Editing by Andrea Ricci and Ryan Woo)