Business Wire | Jun 24, 2021 08:30AM EDT

CAS Investment Partners Releases Presentation Detailing its Valuation Analysis and Opposition to At Home's Sale to Hellman & Friedman

Jun. 24, 2021

NEW YORK--(BUSINESS WIRE)--Jun. 24, 2021--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 released a presentation detailing its analysis and views regarding the insufficient $37 per share offer made by funds advised by Hellman & Friedman LLC (collectively, "H&F") to acquire the Company. The presentation can be downloaded at www.ProtectAtHome.com.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210624005579/en/

CAS became At Home's largest stockholder because we believe the Company is a winning retailer with clear momentum, a considerable growth runway and significant margin expansion opportunities. Our analysis shows that At Home has the potential to produce tremendous value for stockholders in the public market.

To help investors better understand our view that the intrinsic value of At Home is more than $70 per share - meaningfully more than H&F's inadequate tender offer - our presentation lays out the transaction's numerous issues and details our response to each flawed point:

ISSUES WITH AT HOME / H&F TRANSACTION CAS RESPONSETERMS

* At Home's recent earnings * The Special Committee wrote off signal a bright standalone positive earnings momentum future



* The Special Committee assumes * Our projections provide a catastrophic margin degradation below demonstrable bridge to margin 2019 levels expansion above historical levels

* Basic, supportable adjustments * Goldman Sachs' DCF analysis is flawed imply a far higher valuation



* Comps previously cited by At Home are conspicuously absent from proxy and * At Home's own comps suggest a cherry-picked "precedent" comps are low higher valuation based on growth, mature concepts EBITDA and earnings multiples



* Mr. Bird spent years engaging with H&F - and stands to make * At Home's claims of running a thorough $100+ million while maintaining sales process ring hollow upside



* Standalone path and leveraged * The Board failed to run a comprehensive recapitalization present review of strategic alternatives superior opportunity



We encourage stockholders to closely review our analysis and suggest that before deciding to tender your shares, you ask yourself one simple question:

Does this transaction provide fair consideration for the Company's strong track record of tangible business improvements, material progress throughout the pandemic and distinct competitive advantage in the expanding home dcor category?

CAS believes the answer is "no," which is why we will not tender into this grossly flawed sale.

www.ProtectAtHome.com

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005579/en/

CONTACT: For Investors:

CONTACT: Saratoga Proxy Consulting John Ferguson / Joe Mills, 212-257-1311 jferguson@saratogaproxy.com / jmills@saratogaproxy.com

CONTACT: For Media:

CONTACT: Profile Greg Marose / Charlotte Kiaie, 347-343-2999 gmarose@profileadvisors.com / ckiaie@profileadvisors.com