The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of PetSmart, Inc. (NASDAQ:PETM), was initiated 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 mail@shareholdersfoundation.com 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.
On December 18, 2014, NASDAQ:PETM shares closed at $81.44 per share.
Those who are current investors in PetSmart, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com