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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 that it has filed a preliminary proxy statement with the U.S. Securities Exchange and Commission to be used to solicit votes in opposition to the sale of the Company to funds advised by Hellman & Friedman LLC (collectively, “H&F”). This follows CAS sending a May 16th letter to At Home’s Board of Directors (the “Board”) regarding its opposition to the proposed transaction.
Clifford A. Sosin, Founder and Portfolio Manager of CAS, commented:
“CAS has made clear that it will not sit idly by as the Board tries to push through a transaction that grossly undervalues At Home at just $36 per share. Our extensive analysis leads us to believe that a much more realistic valuation is $70 per share or more. While the Board seems comfortable writing off At Home’s substantial business improvements and significant growth opportunities, we suspect that a critical mass of stockholders are not. We look forward to advocating for stockholders’ best interests and vigorously opposing what is a seemingly unjustifiable fire sale to H&F.”
As previously disclosed, CAS is willing to engage in good faith and present its analysis to At Home’s Board. CAS is yet to receive an invitation to privately speak with At Home or H&
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