June 23, 2014 / 2:35 AM / in 4 years

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

(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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below