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Sunday, June 22, 2014

Central Garden & Pet Co may see $10 per share offer - FT, (NASDAQ: CENT)

Central Garden & Pet Co, a pet and lawn supply company, could see an unsolicited $10 per share offer from hedge fund Harbinger Capital Partners, according to a news report. The Financial Times reported on Sunday that, according to people familiar with the matter, Harbinger has been unsuccessfully negotiating a deal for months with the Walnut Creek, California-based company.Harbinger could also change course and choose to purchase only the pet division for about $750 million, according to the report.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 and Central Garden & Pet Co did not immediately return calls for comment on Sunday evening. (Reporting By Mike Stone; Editing by Andrea Ricci)

Central Garden & Pet Company (Central), is a marketer and producer of branded products. Shares of CENT traded higher by 0.45% or $0.04/share to $9.00. In the past year, the shares have traded as low as $6.00 and as high as $9.05. On average, 38703 shares of CENT exchange hands on a given day and today's volume is recorded at 126436.