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At Home, a leading home décor retailer, announced the launch of its new private brand, Found & Fable. This eclectic and artisan-inspired line aims to offer customers unique and affordable home décor options that reflect global influences. The collection includes furniture, bedding, rugs, and wall décor, designed for those who appreciate stylish and adventurous living.
President Chad Stauffer noted the success of previous private brands like Honeybloom and Providence as key factors in expanding their offerings. Found & Fable is now available in stores and online, reinforcing At Home's commitment to providing designer-quality styles at accessible prices.
Funds affiliated with Hellman & Friedman have acquired At Home Group Inc. in an all-cash transaction valued at $2.8 billion, including debt assumption. Following the acquisition, At Home's common stock is no longer traded on the NYSE. H&F aims to enhance At Home's market position and drive growth through store expansion and strengthened offerings. At Home operates 230 stores across 40 states, offering over 50,000 home products. The acquisition reflects H&F's commitment to investing in differentiated businesses with substantial growth potential.
Funds affiliated with Hellman & Friedman have completed a cash tender offer to purchase all outstanding shares of At Home Group Inc. (NYSE: HOME). The offer, which expired on July 22, 2021, saw 39,002,798 shares tendered, representing approximately 59.3% of voting power. As a result, the Purchaser will proceed with a second-step merger, converting remaining shares into cash at $37.00 per share. Following this transaction, At Home will become privately held and cease trading on the NYSE.
At Home Group Inc. (NYSE: HOME) has announced the opening of three new home décor stores in July, raising its total store count to 231. The new locations include Princeton, NJ, and Abingdon, MD (now open) and Temecula, CA (opening soon). At Home offers over 50,000 home décor products, catering to various budgets and styles. The store concept focuses on providing customers with a broad selection and exciting seasonal items, with fresh collections arriving weekly. The first 50 visitors at each new location will receive gift cards by signing up for the At Home Insider Perks™ program.
Ambience Merger Sub Inc., backed by Hellman & Friedman, has announced that the cash tender offer to acquire At Home Group Inc. has met its minimum condition. As of July 20, 2021, approximately 57% of At Home's stock has been tendered. The tender offer is extended to July 22, 2021, and aims to facilitate the merger's closing. H&F anticipates quick completion of the tender offer and subsequent merger, pending all conditions are satisfied. All stockholders who tendered do not need further action.
CAS Investment Partners, owning approximately 17% of At Home Group’s stock, announced plans to nominate independent candidates for the Board of Directors at the 2021 Annual Meeting if Hellman & Friedman’s $37 per share tender offer is rejected. CAS argues that At Home is undervalued and believes that new Board members can create enduring shareholder value through potential dividends and stock repurchases. CAS expressed a lack of trust in the current Board, claiming they do not act in the best interests of shareholders.
CAS Investment Partners, which owns approximately 17% of At Home Group's common stock, is urging the company to disclose its interim sales results for Q2 FY2022. The firm believes the lack of transparency undermines shareholder interests, especially as a $37 per share tender offer from Hellman & Friedman approaches. CAS claims that the company’s same-store sales are approximately 30% above 2019 levels, indicating strong momentum post-pandemic. They express concern over potential governance issues and compensation incentives for CEO Lee Bird if the deal proceeds.
CAS Investment Partners, owning approximately 17% of At Home Group (NYSE: HOME), challenged the $37 per share acquisition offer from Hellman & Friedman. The firm argues that the intrinsic value of At Home exceeds $70 per share, advocating for a higher valuation based on recent earnings and future growth potential. CAS claims the current offer is inadequate, citing flaws in the Special Committee's assessment and urging shareholders to reconsider tendering their shares. They emphasize At Home's strong performance and significant opportunities in home décor.
At Home Group Inc. (NYSE: HOME) has expanded its reach by opening two new home décor stores in June, now totaling 228 locations across the U.S. The new stores are located in Sacramento, CA, and Denver, CO, each offering over 50,000 home décor items at competitive prices. At Home emphasizes a wide selection of styles and trends, frequently updating its inventory with new products, including exclusive collections from designers. The new locations are also incentivizing customers with gift card giveaways to promote the At Home Insider Perks™ program.
CAS Investment Partners, the largest shareholder of At Home Group (HOME) with 17% ownership, has expressed strong opposition to the proposed sale of the company to Hellman & Friedman at $37 per share, deeming it significantly undervalued. They argue that the company is on a growth trajectory with potential for greater valuation, citing a recent 41% increase in net sales and record net income of $72.7 million. CAS believes the sale process is flawed and tainted by conflicts of interest, particularly involving CEO Lee Bird. They encourage stockholders to reject the tender offer and advocate for a valuation closer to $70 per share.
