Report: PetSmart Inc. Set To Receive First-Round Bids

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PetSmart Inc.
PETM
is likely to soon receive bids from private equity buyers Apollo, Helman & Friendman and KKR, according to a report Wednesday. Phoenix-based PetSmart put itself on the block in August after succumbing to pressure from 10 percent stake-holder Barry Rosenstein's Jana Partners. The company gained more than 3 percent Wednesday to $72.22 a share. http://phx.corporate-ir.net/phoenix.zhtml?c=196265&p=irol-newsArticle&ID=1959580 On Wednesday, The Wall Street Journal said at least three private equity groups are preparing first-round bids for PetSmart. The Journal's sister newspaper, the New York Post, last week first reported an interest by KKR, and said other bidders may include Apax Partners, Bain Capital and Carlyle. Rosenstein first pushed for a sale on July 3 but wrote to the board in August claiming to know of "multiple interested potential acquirers, all of whom could pay shareholders a meaningful premium." http://www.benzinga.com/news/14/08/4753203/rosenstein-makes-more-noise-on-sale-of-petsmart
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