petsmart inc (PETM) Key Developments
PetSmart In Talks With Investment Bankers
Jul 17 14
PetSmart, Inc. (NasdaqGS:PETM) is interviewing investment banks, as it deals with pressure from an activist investor, said people familiar with the matter. Jana Partners LLC disclosed earlier in the month that it had taken a nearly 10% stake in PetSmart and it would seek conversations with PetSmart about strategic options. After a few days, Longview Asset Management LLC, which owns a 9% stake, sent the board a letter urging it to hire bankers to consider a deal or other options. In recent weeks, PetSmart's Board of Directors has invited a number of investment banks to pitch for an assignment that could straddle activist defense and sizing up strategic alternatives, the people said. Goldman Sachs Group Inc. and Morgan Stanley are among the banks that pitched, the people said. PetSmart has also been working with law firm Wachtell, Lipton, Rosen & Katz, said people familiar with the matter.
JANA Partners Explore To Buy Outright Of PetSmart
Jul 3 14
JANA Partners LLC may explore buying outright of PetSmart, Inc. (NasdaqGS:PETM). Jana Partners LLC said it planned to ask PetSmart Inc to explore a sale. After these rumors PetSmart shares rose as much as 15%.
PetSmart Reviews Strategic Alternatives
Jul 3 14
PetSmart, Inc. (NasdaqGS:PETM) is reviewing strategic alternatives. JANA Partners, L.P., shareholder of PetSmart said, that it wants to have a discussion with board and management of PetSmart to review strategic alternatives, including potential sale, improving operating performance and capital structure.
PetSmart, Inc. Declares Quarterly Dividend Payable on August 15, 2014
Jun 19 14
PetSmart, Inc. declared quarterly common stock cash dividend of nineteen and one-half cents ($0.195) per share. The dividend is payable on August 15, 2014 to stockholders of record at the close of business on August 1, 2014.
PetSmart Expands Natural Pet Food Options with Nature's Variety
Jun 13 14
Nature's Variety and PetSmart announced that beginning this week the company's two wholesome pet food brands will begin selling at the specialty pet retailer in North America. Nature's Variety produces pet food through two brands -- Instinct(R), the raw pet food; and Prairie(R), a balanced holistic line of food. Instinct dog and cat foods include grain-free and gluten-free formulas, and come in a variety of forms, including kibble, can, raw frozen, freeze dried raw and treats. Prairie dog foods are available in kibble, cans and treats in an assortment of proteins. PetSmart began selling both lines June 9 in the United States and began selling both brands in Canada in late May. In addition, PetSmart will carry Instinct Raw frozen diets in more than 575 stores throughout the United States and Canada.