Harbinger offers to buy Central Garden & Pet

|By:, SA News Editor

Harbinger Group (HRG +1%), Phil Falcone's holding company, offers to buy retailer Central Garden & Pet (CENT +8.9%) in a ~$1.1B deal that includes the assumption of debt, or - as an alternative to acquiring the entire company - purchase CENT's pet business for $750M.

CENT operates two segments: Its lawn-and-garden business offers grass seed, weed killer and flower pots, while its pet-supply unit sells dog bones, horse vitamins and aquariums.

HRG says it has tried unsuccessfully to engage CENT in closed-door talks, and that it decided to make its offer public in light of the lack of response.