Activist hedge fund Jana Partners LLC said it planned to ask PetSmart Inc to explore a sale, sending the pet product retailer's shares up 15 percent.Jana Partners reported a 9.9 percent stake in PetSmart in a regulatory filing, making it the company's largest shareholder. (1.usa.gov/1orkOfN)PetSmart lowered its sales outlook in May for the year ending January, citing a "challenging and volatile consumer environment and competitive market".Central Garden & Pet Co received a $750 million offer last month from Philip Falcone's Harbinger Group Inc for its pet products business. Harbinger also offered $10 per share for the whole company, valuing it at more than $1 billion including debt.
Harbinger Group Inc. (HGI) is a holding company. The Company's operations are conducted through Spectrum Brands, the Company's subsidiary, which provides branded consumer products, such as batteries, personal care products, small household appliances, pet supplies, and home and garden pest control products, and Fidelity & Guaranty Life Holdings, Inc. Shares of HRG traded higher by 0.16% or $0.02/share to $12.90. In the past year, the shares have traded as low as $7.36 and as high as $13.34. On average, 661323 shares of HRG exchange hands on a given day and today's volume is recorded at 11456.
PetSmart, Inc. supplies products, services and solutions for the lifetime needs of pets. Shares of PETM traded higher by 12.79% or $7.65/share to $67.46. In the past year, the shares have traded as low as $55.00 and as high as $77.32. On average, 2337020 shares of PETM exchange hands on a given day and today's volume is recorded at 4382323.
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