June 23 Harbinger Group Inc, the holding
company for Spectrum Brands, said it had offered to buy
retailer Central Garden & Pet Co for $10 per share, or
acquire its pet business for $750 million.
The $10 per share offer represents an 11.1 percent premium
to Central Garden's Friday closing price.
The offer values Central Garden at $504.5 million, based on
the company's common, class A and class B shares outstanding as
of April 30.
Central Garden had long-term debt of $545 million, according
to the company's latest regulatory filing.
Harbinger said it may increase the offer prices if Central
Garden engaged in "a constructive dialogue" and granted access
to diligence materials.
Harbinger made public on Monday a letter it sent to the
Central Garden board on June 16.
The Financial Times reported on Sunday that Harbinger had
been seeking a deal for months with the Walnut Creek,
California-based pet and lawn supply company and could make an
Harbinger, a diversified holding company led by Chief
Executive Philip Falcone, also owns insurance company Fidelity &
Guaranty Life. Falcone is also the founder of Harbinger
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Ted
Kerr and Sriraj Kalluvila)