Central Garden & Pet Will Not Pursue Harbinger Group Proposals
October 14 2014 - 6:01PM
Business Wire
Board Concludes That Proposals Do Not
Reflect Company’s Future Growth Opportunities Or Value
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA),
a leading innovator, marketer and producer of quality branded
products for the lawn and garden and pet supplies markets, said
today that, after an extensive review, its Board of Directors
unanimously concluded that it will not pursue two proposals
received from Harbinger Group Inc. in June to acquire all of
Central’s common stock at $10 per share in cash or, alternatively,
to acquire the Company's Pet segment for $750 million in cash. The
Board was assisted in its review by Lazard as financial advisor and
Cravath, Swaine & Moore LLP as legal advisor.
“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.”
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator,
marketer and producer of quality branded products for the lawn
& garden and pet supplies markets. Committed to new product
innovation, our products are sold to specialty independent and mass
retailers. Participating categories in Lawn & Garden include:
Grass seed and the brands PENNINGTON®, SMART SEED® and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and
decorative outdoor patio products under the PENNINGTON ® brand. We
also provide a host of other regional and application-specific
garden brands and supplies. Participating categories in Pet
include: Animal health and the brands ADAMS™ and ZODIAC®; aquatics
and reptile and the brands OCEANIC SYSTEMS®, AQUEON® and ZILLA®;
bird & small animal and the brands KAYTEE®, SUPER PET® and
CRITTER TRAIL®; dog & cat and the brands TFH™, NYLABONE®, FOUR
PAWS®, PINNACLE® and AVODERM®; and equine and the brands FARNAM®,
BRONCO® and SUPER MASK®. We also provide a host of other
application-specific pet brands and supplies. Central Garden &
Pet Company is based in Walnut Creek, California, and has
approximately 3,300 employees, primarily in North America. For
additional information on Central Garden & Pet Company,
including access to the Company's SEC filings, please visit the
Company’s website at www.central.com.
"Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by
forward-looking statements. All forward-looking statements are
based upon the Company’s current expectations and various
assumptions. There are a number of risks and uncertainties that
could cause our actual results to differ materially from the
forward-looking statements. These risks and others are described in
Central’s Securities and Exchange Commission filings. Central
undertakes no obligation to publicly update these forward-looking
statements to reflect new information, subsequent events or
otherwise.
Central Garden & Pet CompanySteven Zenker,
925-948-3657Vice President of Investor Relations &
Communicationsszenker@central.comorSard Verbinnen & CoBrian
Shiver, 212-687-8080bshiver@sardverb.com
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jul 2023 to Jul 2024