On the verge of being acquired by Hellman & Friedman, At Home Group announced that it is postponing its 2021 Annual Meeting of Stockholders, which had been scheduled for June 16.
The meeting now will happen only in the event the H&F transaction is not approved or otherwise does not occur. In that case, At Home will set a new date for the annual meeting.
At Home in early May announced Hellman & Friedman, a global private equity firm, would acquire the company in an all-cash transaction valued at $2.8 billion, including the assumption of debt.
Lee Bird, At Home chairman and CEO, noted, “As we enter the next chapter for our company, H&F is the ideal partner to advance our At Home 2.0 long-term strategy. Together with H&F, we will have the resources and flexibility to provide our customers with a differentiated experience that meets their evolving needs.”
Erik Ragatz, a partner at H&F, said, “As the leading value retailer of home décor offering unmatched breadth and depth of product assortment at everyday low prices, At Home is well positioned to continue its long track record of store expansion and growth. At Home’s differentiated, low-cost operating model is disruptive to the traditional home channels and provides a strong opportunity for market share gain. This acquisition is consistent with Hellman & Friedman’s strategy to invest in market-leading businesses with substantial runway for growth, and we are looking forward to partnering with At Home’s talented management team to help capture the significant market opportunity in front of the company.”
A 40-day “go-shop” period established under the terms of the acquisition agreement expired on June 14, clearing the way for the H&F acquisition.
