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PetSmart Shares Shoot Up On Jana Partners Disclosure

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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.

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