Market Overview

Is PetSmart In The Doghouse With Jana Partners Following Anonymous Package?

Share:
Related PETM
PetSmart Shares Trended Higher On Updated Guidance
Money Can Buy Love On Valentine's Day
Is Chico's (CHS) Likely to Miss Q4 Earnings Estimates? - Analyst Blog (Zacks)

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.

Posted-In: Jana Partners PetSmartNews

 

Related Articles (PETM)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content