CAS Investment Partners Urges At Home to Pre-Release Sales Results for Second Quarter of Fiscal Year 2022 Ahead of Upcoming T...
29 Juni 2021 - 2:00PM
Business Wire
Believes the Company Should Embrace
Transparency and Provide Stockholders With Important Sales
Information Prior to July 20th Tender Deadline
Highlights the Company has Pre-Released
Financial Information Multiple Times Over the Past 12 Months When
it Served the Board and Management’s Objectives
Notes That Credit Card Data Analyzed by CAS
Indicates Q2 Same Store Sales are Trending ~30% Above 2019 Levels,
Reinforcing At Home’s Winning Status and Strong Standalone
Potential
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 called on the Company to release its
interim sales results for the second quarter of fiscal year 2022 in
order to provide material information and keep stockholders
properly informed as they consider the $37 per share tender offer
made by funds advised by Hellman & Friedman LLC (collectively,
“H&F”). As previously disclosed, CAS deems the $37 per share
tender offer wholly inadequate and opposes the transaction on its
current terms. Learn more at www.ProtectAtHome.com.
Clifford A. Sosin, Founder and Portfolio Manager of CAS,
commented:
“We urge At Home to promptly release interim sales results for
the second quarter of fiscal year 2022. Rather than keep
stockholders in the dark about the Company’s continued momentum, we
believe At Home should be providing them with as much information
as possible. Stockholders should not be asked to make a decision
about whether to tender into the meager H&F offer without first
receiving an easily-prepared update on the current quarter. It is
not as if At Home has not pre-released sales data in the past.
Stockholders should seriously question why the Company is not
releasing this important information at a time when we need it the
most?
According to credit card data analyzed by CAS, the Company’s
second quarter same store sales are trending approximately 30%
above 2019 levels. Sales appear to be remaining very strong
even as the economy reopens and the impact of federal stimulus
fades. We contend that this information demonstrates the Company’s
recent success is durable and not a temporary byproduct of the
pandemic.
It appears to us that At Home and H&F are desperately
trying to avoid releasing these numbers, as evidenced by the fact
that the tender deadline ends five days before the close of the
second quarter on July 20th. We are concerned that this is due
to Chairman and Chief Executive Officer Lee Bird being set up to
make more than $100 million in compensation if the proposed
transaction is completed. We are equally concerned that H&F may
already be exerting an inappropriate level of influence over the
corporate governance decisions at the Company.
Given we are At Home’s largest stockholder, we call on the
Company to immediately respond to our request to disclose this
material information and remind the independent directors of their
fiduciary duties to At Home stockholders.”
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210629005427/en/
For Investors:
Saratoga Proxy Consulting John Ferguson / Joe Mills,
212-257-1311 jferguson@saratogaproxy.com /
jmills@saratogaproxy.com
For Media: Profile Greg Marose / Charlotte Kiaie, 347-343-2999
gmarose@profileadvisors.com / ckiaie@profileadvisors.com
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