CAS Investment Partners Urges At Home to Pre-Release Sales Results for Second Quarter of Fiscal Year 2022 Ahead of Upcoming Tender Deadline
CAS Investment Partners, LLC (together with its affiliates, “CAS” or “we”), which beneficially owns approximately
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
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
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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