Shares of PetSmart (PETM) surged after the company agreed to be acquired for $8.7 billion, making it TheStreet’s Move of the Day. The pet products chain has agreed to be bought out by London-based private equity firm BC Partners for $83 per share, which is 6.8% higher than its closing price from Friday. The deal valuing the retailer at about $8.7 billion, was unanimously approved by PetSmart’s board and is expected to close in the first half of 2015. Activist investor Jana Partners started to push for a sale of the pet products company in July, after disclosing a 9.9% stake. The buyout is seen as a huge win for Jana after paying less than $55 a share for its percent stake.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
