Central Garden & Pet will not pursue Harbinger Group proposals

Following an extensive review, the board of directors of the Central Garden & Pet Company has unanimously decided not to pursue two proposals received from Harbinger Group Inc. in June. The proposals were 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 mio in cash. Central Garden & Pet Company is a leading producer of branded products for the lawn and garden and pet supplies markets.

“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.