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UPDATE 1-Harbinger offers $10/shr for Central Garden & Pet Co

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June 23 (Reuters) - Harbinger Group Inc, the holding company for Spectrum Brands, said it had offered to buy retailer Central Garden & Pet Co for $10 per share, or acquire its pet business for $750 million.

The $10 per share offer represents an 11.1 percent premium to Central Garden's Friday closing price.

The offer values Central Garden at $504.5 million, based on the company's common, class A and class B shares outstanding as of April 30.

Central Garden had long-term debt of $545 million, according to the company's latest regulatory filing.

Harbinger said it may increase the offer prices if Central Garden engaged in "a constructive dialog" and granted access to diligence materials.

Harbinger made public on Monday a letter it sent to the Central Garden board on June 16.

The Financial Times reported on Sunday that Harbinger had been seeking a deal for months with the Walnut Creek, California-based pet and lawn supply company and could make an unsolicited offer.

Harbinger, a diversified holding company led by Chief Executive Philip Falcone, also owns insurance company Fidelity & Guaranty Life. Falcone is also the founder of Harbinger Capital Partners.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Ted Kerr and Sriraj Kalluvila)