CAS Investment Partners to Nominate Slate of Candidates for Election to At Home’s Board of Directors if Hellman & Friedman’s Tender Offer Fails

Rhea-AI Summary

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.

Positive

• CAS aims to offer viable alternatives to the $37 tender offer, indicating confidence in At Home's potential.
• Nominating independent director candidates could lead to improved governance and strategic direction.
• Potential focus on dividends and stock repurchases may enhance shareholder value.

Negative

• Current Board's decision to accept the tender offer is viewed as undervaluing the company.
• CAS's lack of trust in the current Board raises concerns about continuity and strategic alignment.

CAS Investment Partners, LLC (together with its affiliates, “CAS” or “we”), which beneficially owns approximately 17% of the outstanding common stock of At Home Group Inc. (NYSE: HOME) (“At Home” or the “Company”), today announced its intent to nominate a slate of highly-qualified and independent candidates for election to the Company’s Board of Directors (the “Board”) at the 2021 Annual Meeting of Stockholders (the “Annual Meeting”) in the event that the tender offer initiated by funds advised by Hellman & Friedman LLC (collectively “H&F”) fails.

Clifford A. Sosin, Founder and Portfolio Manager of CAS, commented:

“We want to offer our fellow stockholders a viable alternative to the insufficient $37 per share tender offer initiated by H&F. As outlined in our detailed presentation and prior letters, we firmly believe At Home is a winning retailer on a path to significant near-term stock price appreciation. This is why we plan to nominate a slate of highly-qualified and independent director candidates for election to At Home’s Board if stockholders reject H&F’s tender. Our prospective slate will be committed to creating enduring value for the Company’s stockholders, including through potential dividends and stock repurchases, while also remaining open-minded when it comes to exploring viable strategic alternatives. CAS is committed to having a principal serve on its slate and remaining a long-term stockholder if it elects directors to the Board.

It has become absolutely clear to us that the current Board cannot be trusted to act in the best interests of the Company’s stockholders given its approval of this grossly undervalued transaction. Fresh perspectives are clearly required in the boardroom.”

The Company’s stockholders can review our analysis by visiting www.ProtectAtHome.com.

About CAS Investment Partners, LLC

CAS Investment Partners, LLC is a value-focused investment management firm with offices in New York City and Connecticut. The firm was founded in 2012 by Clifford A. Sosin.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210707005624/en/

FAQ

What is CAS Investment Partners' plan for At Home Group?

CAS intends to nominate independent candidates for At Home's Board if the $37 tender offer by Hellman & Friedman is rejected.

Why does CAS believe the company is undervalued?

CAS believes At Home has significant near-term stock price appreciation potential that isn't reflected in the current tender offer.

What is the significance of the Board nomination?

The Board nomination is aimed at improving corporate governance and pursuing strategies that enhance shareholder value.

How much stock does CAS own in At Home Group?

CAS owns approximately 17% of the outstanding common stock of At Home Group.

What are the potential outcomes if stockholders reject the tender offer?

If rejected, CAS plans to pursue its Board nomination, potentially leading to strategic changes within At Home.