Market Overview

Rosenstein Makes More Noise On Sale Of PetSmart

Related PETM
Earnings Scheduled For March 4, 2015
Keep an Eye on These 10 Stocks for March 4, 2015
PetSmart (Investor's Business Daily)

PetSmart (NASDAQ: PETM) moved higher Monday after a filing disclosed further efforts by activist investor Barry Rosenstein to affect a sale of the company.

Rosenstein alleged that PetSmart "has sought to create the patently false impression that there is a shortage of interested acquirers."

Rather, Rosenstein claimed to know of "multiple interested potential acquirers, all of whom could pay shareholders a meaningful premium," according to his letter to PetStmart's board included in Monday's Securities and Exchange Commission filing.

Rosenstein, through his Jana Partners, first called for the sale of PetSmart in a similar filing July 3 in which he disclosed a 9.8 percent stake.

PetSmart has missed Wall Street's earnings expectations in several recent quarters, and has said it expects the remainder of fiscal 2014 will feature flat comparable-store sales and total sales growth in the low-single digits.

PetSmart traded recently at $68.04, up 0.9 percent.

Posted-In: Barry Rosenstein Jana PartnersNews Legal Hot


Related Articles (PETM)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→