Pet supply retailer PetSmart Inc disclosed on Tuesday it was in talks to acquire or merge with a privately held rival, but ended talks over competition and antitrust concerns. PetSmart succumbed to calls from Jana Partners LLC and other large shareholders for a sale last month by agreeing to be bought by a private equity consortium led by BC Partners Ltd for $8.7 billion.In a regulatory filing, PetSmart said Chief Executive David Lenhardt held multiple talks with the unidentified private company, but decided to exclude it as a bidder. (1.usa.gov/1AY5Whl)The company said it received interest from 27 possible buyers from mid-August to the end of October when it formally launched a search for a potential buyer after talks with the private company did not materialize.PetSmart will hold a special meeting for shareholders to vote on the transaction, it said in the filing.
PetSmart, Inc. (PetSmart) is a specialty provider of pet products and services in North America. Shares of PETM traded higher by 0.21% or $0.17/share to $81.21. In the past year, the shares have traded as low as $55.00 and as high as $81.97. On average, 1323650 shares of PETM exchange hands on a given day and today's volume is recorded at 1556754.
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