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At Home Group Inc. (NYSE: HOME) has entered an amended merger agreement with Hellman & Friedman (H&F) to acquire all outstanding shares for $37.00 each. This new offer is a $1 increase from the previous bid and provides a premium of approximately 21% over the last closing price before speculation. The Board unanimously recommends that shareholders accept the offer. The tender offer is set to commence by June 23, 2021, and is contingent upon a majority of shares being tendered before finalizing the transaction, which will take At Home private.
At Home Group Inc. (NYSE: HOME) announced the postponement of its 2021 Annual Meeting of Stockholders due to a pending merger with Hellman & Friedman. The meeting, originally scheduled for tomorrow, will be rescheduled if the merger is not approved or completed. The Company emphasizes the importance of ongoing communication with stockholders regarding the merger and advises them to review the filed proxy statements for critical information.
At Home Group Inc. (NYSE: HOME) announced the expiration of the 40-day "go-shop" period following its merger agreement with Hellman & Friedman, valuing the company at $2.8 billion. Despite soliciting interest from 24 third parties, only one signed a nondisclosure agreement, and no additional bids were received. The Hart-Scott-Rodino Antitrust Improvements Act waiting period also lapsed on June 14, 2021. Upon deal closure, At Home will transition to a privately-held company, and its shares will cease to trade on the NYSE.
At Home Group reported a substantial 182.9% increase in net sales, reaching $537.1 million for Q1 fiscal 2022, compared to $189.8 million in Q1 fiscal 2021. Comparable store sales surged by 187.3%, benefiting from strong demand and stimulus payments. Gross profit rose to $200.3 million, improving gross margin to 37.3%. Operating income stood at $89.4 million, reversing a previous loss of $(372.1) million. The company announced a definitive agreement to be acquired for $36.00 per share, with expectations for completion in Q3 2021. No future guidance is provided due to the pending acquisition.
At Home Group Inc. (NYSE: HOME) has filed preliminary proxy materials with the SEC regarding its acquisition by Hellman & Friedman. Under the deal, shareholders will receive $36.00 per share, valuing the transaction at approximately $2.8 billion, including debt. Highlights include a 25% premium to the 30-day share price average and five price increases during negotiations. While the Board believes this transaction maximizes shareholder value, they also noted significant external risks affecting long-term business outlook, such as increased costs and changes in consumer spending post-COVID.
CAS Investment Partners, owning about 17% of At Home Group Inc. (NYSE: HOME), has filed a preliminary proxy statement opposing the company's acquisition by Hellman & Friedman at $36 per share. CAS argues this price undervalues the company, claiming a fair valuation should be around $70 per share. CAS plans to advocate for stockholders' interests and is open to discussions with At Home's Board, which has yet to engage. The firm urges stockholders to read the upcoming proxy statements, emphasizing the importance of the decision regarding the proposed sale.
CAS Investment Partners, which owns approximately 17% of At Home Group's stock, has expressed significant concerns regarding the proposed sale of the company to Hellman & Friedman (H&F). CAS plans to vote against the deal, arguing it undervalues At Home and does not reflect recent business improvements. They contend that a fair valuation should be around $70 per share, significantly higher than the current offer. CAS emphasizes that the board has not engaged in adequate discussions and should consider a broader strategic review, or they may take action to oppose the transaction.
At Home Group Inc. (NYSE: HOME) has announced a definitive agreement to be acquired by Hellman & Friedman for $2.8 billion in cash, inclusive of debt. Shareholders will receive $36.00 per share, a 17% premium over the last closing price of $30.67.
The Board believes this transaction offers substantial value and aligns with their strategic plans. The deal is expected to close in Q3 2021, pending shareholder approval and regulatory conditions. A 40-day 'go-shop' period allows for alternate acquisition proposals, but H&F retains the right to match any superior offers.
At Home Group Inc. (NYSE: HOME) expanded its footprint by opening two new home décor stores in April, including its first location in New York City’s Queens, bringing its total to 226 stores. The stores provide a vast selection of up to 50,000 items, catering to diverse styles and budgets. Customers can participate in the At Home Insider Perks™ program, with gift cards awarded to the first 50 visitors at the new locations. This initiative reflects At Home's commitment to offering an extensive range of products and connecting with customers across the U.S.
