Market Overview

PetSmart Shares Jump Amid Bidding Rumors

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PetSmart, Inc (NASDAQ: PETM) moved higher Monday amid bidding rumors. DealReporter noted that possible suitors are currently setting up financing, which prompted the stock to jump more than 1 percent.

Sources told DealReporter that bidders are expected to bring proposals around Thanksgiving and that firms are speaking to lenders to secure financing ahead of submitting final bids.

The company put itself on the block in August after being pressured by Jana Partners.

PetSmart is scheduled to release its Q3 earnings on Tuesday.

PetSmart closed Monday at $73.61, up 1.06 percent.

Posted-In: dealREPORTER Jana PartnersNews Rumors

 

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