At Home Rises as Shareholder Protests Sale By Investing.com

By Christiana Sciaudone

Investing.com –At Home Group Inc (NYSE:HOME) rose more than 3% after its largest shareholder revealed plans to oppose a deal to take the company private because the price is too low, The Wall Street Journal reported, citing a copy of a letter to the board of directors. 

CAS Investment Partners owns about 17% of shares and said it will vote against a $2.4 billion sale to private equity firm Hellman & Friedman. The company agreed earlier this month to sell itself for $36 a share.

 The deal “grossly undervalues the company and deprives stockholders of anything resembling a fair premium,” suggesting a price above $70 would be more apt, The Journal reported.   

The company has reported strong earnings during the pandemic as demand for furnishings jumped with everyone working from home, driving sales and renovations.