A PYMNTS Company

US: PetSmart urged to sell

By  |  July 6, 2014

An activist hedge fund has sparked rumors of a possible buyout of pet retailer PetSmart after it announced that it is encouraging the store to sell itself.

Reports say Jana Partners filed a notice with the Securities and Exchange Commission that revealed it is PetSmart’s largest shareholder with a 9.9 percent stake in the company. The fund said it plans to discuss with PetSmart’s board of directors about possible business overhauls, which will include talk of a sale.

Despite disappointing first quarter results for PetSmart, Jana Partners’ news boosted PetSmart shares late last week.

Full content: Kansas.com

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