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Sunday, June 22, 2014

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

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.

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.

Harbinger Group Inc. (HGI) is a holding company. The Company's operations are conducted through Spectrum Brands, the Company's subsidiary, which provides branded consumer products, such as batteries, personal care products, small household appliances, pet supplies, and home and garden pest control products, and Fidelity & Guaranty Life Holdings, Inc. Shares of HRG traded higher by 3.27% or $0.41/share to $12.96. In the past year, the shares have traded as low as $7.33 and as high as $13.34. On average, 583739 shares of HRG exchange hands on a given day and today's volume is recorded at 6920789.



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