An investigation on behalf of investors of PetSmart, Inc. (NASDAQ:PETM) in connection with the proposed takeover was announced and NASDAQ:PETM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/17/2014 -- An investigation on behalf of investors, who currently hold shares of PetSmart, Inc. (NASDAQ:PETM), was announced concerning whether the takeover of PetSmart, Inc. by BC Partners, Inc for $83.00 per share is unfair to NASDAQ:PETM stockholders.
Investors who purchased shares of PetSmart, Inc. (NASDAQ:PETM) and currently hold any of those NASDAQ:PETM shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of PetSmart, Inc. breached their fiduciary duties owed to NASDAQ:PETM investors in connection with the proposed acquisition.
On Dec. 14, 2014, PetSmart, Inc.(NASDAQ:PETM) announced that it has entered into an agreement to be acquired by a consortium led by BC Partners, Inc. at a price of $83.00 per share in cash.
However,, given that Longview Asset Management, which owns or manages approximately 9% of PetSmart's outstanding shares has already committed to vote in favor of the transaction, the investigation concerns whether the offer is unfair to NASDAQ:PETM stockholders. More specifically, the investigation concerns whether the PetSmart Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
PetSmart, Inc. reported that its Total Revenue rose from over $5.69 billion for the 52 weeks period that ended on Jan. 30, 2011 to over $6.91 billion for the 52 weeks period that ended on Feb. 2, 2014 and that its respective Net Income increased from $239.87 million to $419.52 million.
Shares of PetSmart, Inc. (NASDAQ:PETM) grew from $25.35 per share in early 2010 to as high as $79.45 per share in late November 2014.
On December 15, 2014, NASDAQ:PETM shares closed at $80.97 per share.
Those who are current investors in PetSmart, Inc. (NASDAQ:PETM) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego