Could This Pet Product Manufacturer Be Acquired?
In an industry where acquisitions and buyouts seem to the norm these days, Central Garden & Pet Company confirmed that it has received an unsolicited letter from Harbinger Group Inc. requesting that the company discuss with Harbinger a possible acquisition.
Central’s board will review Harbinger Group’s unsolicited letter in due course in consultation with its financial and legal advisers, said the company in a press release.
A possible acquisition by Harbinger would be for 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’s pet segment includes brands that span across categories in the industry and include, Adams, Critter Trail, Super Pet, Nylabone, TFH, Aqueon, Zilla and Four Paws.