Market Overview

PetSmart Shares Shoot Up On Jana Partners Disclosure

Related PETM
Markets Sell-Off After Malaysian Airline Crash In Ukraine
Will Trupanion's New Pet Insurance IPO Succeed?
Facing Activist Pressure, PetSmart Reviews Capital Structure (Fox Business)

On Thursday morning, Jana Partners disclosed that it has a 9.9 percent stake in PetSmart (NASDAQ: PETM) and intends to hold meetings with the company's board to discuss alternatives including a possible sale.

Jana Partners move to acquire 9.8 million shares, including 4.7 million options, comes on the belief that the company's shares were undervalued.

Shares of PetSmart closed Thursday at $67.28, up 12.5 percent.

Posted-In: News Movers

 

Most Popular

Related Articles (PETM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free