Report: At Home’s Largest Shareholder Objects To Sale

At Home
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The sale of home specialty retailer At Home may have hit a snag as the company’s largest shareholder said it plans to vote against the deal first announced in early May.

According to a report in the Wall Street Journal, CAS Investment Partners LLC said in a letter to the company’s board of directors that it was opposed to the sale of the company to private equity firm Hellman & Friedman LLC. The deal is valued at about $2.8 million.

The Wall Street Journal in its report said it viewed the CAS letter sent to At Home’s board. CAS owns approximately 17% of At Home shares.

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The report indicated that the CAS letter claimed that the deal “grossly undervalues” the company and deprives stockholders of a fair premium, which it said would be above $70 per share. On Friday, May 14, The retailer’s shares closed at $36.30. 

At Home offers up to 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor. The company is headquartered in Plano, Texas, and currently operates 226 stores in 40 states. The retailer recently opened its first store in New York City.