Rosenstein Makes More Noise On Sale Of PetSmart
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.
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