Central Garden & Pet Confirms Offer From Harbinger

(RTTNews) - Central Garden & Pet Co. (CENT, CENTA), a producer of quality branded products for the lawn and garden and pet supplies markets, confirmed that it has received an unsolicited letter from Harbinger Group Inc. (HRG) requesting that the company discuss a possible acquisition by Harbinger of all outstanding shares of Central's common stock at $10 per share in cash or, alternatively, the acquisition of the company's Pet segment for $750 million in cash, subject to due diligence.

Central added that its Board would review Harbinger Group's unsolicited letter in due course in consultation with its financial and legal advisors.

Harbinger, through a wholly owned subsidiary, is a shareholder of CENT and owns 1.66 million shares of the company's Class A common stock, representing about 4.5 percent of the outstanding shares of Class A common stock.

It also owns 547,048 shares of the company's common stock, representing 4.4 percent of the outstanding shares of common stock.

Harbinger said earlier on Monday, in its second letter, that apart from sending a letter to the CENT Board on June 9, it repeatedly attempted to communicate with the CENT Board, including offering to meet in person with the Chairman of the Board. The CENT Board and management have been so far unresponsive.

CENT closed up 6.4 percent on Monday at $9.58. CENTA gained 3.7 percent to settle at $9.58.

HRG closed up 0.2 percent at $13.11.