Is PetSmart In The Doghouse With Jana Partners Following Anonymous Package?
Jana Partners, the activist firm that has been pushing for a sale of PetSmart (NASDAQ: PETM) disclosed in a 13D filing that it received an anonymous, unsolicited package containing a presentation believed to be prepared by PetSmart management.
A cover letter was included with the presentation, which noted the company "missed internal projections and criticizing the Issuer's actions including those described int eh Presentation as not being in the long-term best interest of shareholders.”
Jana Partners stated that documents such as these should be shared with all shareholders, in the interest of full disclosure.
The full letter can be seen here.
Shares of PetSmart were trading at an intra-day high of $69.45 before the news broke. Shares fell to a daily low of $67.92, but were last seen trading at $68.82, up 0.47 percent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.