Shares of PetSmart, Inc. PETM were trading higher following news of an agreement to be bought for about $8.7 billion, or $83 per share, by a group led by BC Partners. The transaction is expected to close in the first half of 2015.
JANA Partners, led by Barry Rosenstein, had been pushing for a sale of the company after disclosing a 9.9 percent stake in July. PetSmart in August announced that it was considering alternatives and exploring opportunities.
Gregory P. Josefowicz, Chairman of the Board of PetSmart, stated: “We are pleased to have reached this agreement with BC Partners, which maximizes value for all of our shareholders and best positions PetSmart to continue to meet the needs of pet parents. This transaction represents the successful conclusion of our extensive review of strategic alternatives.”
Shares of PetSmart were up 4.67 percent at $81.30 in pre-market trading.
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