Jana Invests In PetSmart, Eyes Sale

Jul 7 2014 | 8:36am ET

Activist hedge fund Jana Partners has bought up nearly 10% of PetSmart Inc.’s shares, demanding that the retailer begin looking for a buyer.

The New York-based hedge fund took a 9.9% stake in PetSmart, making it the troubled company’s largest shareholder. The firm said it would hold talks with the company’s management, as well as with fellow shareholders and potential acquirers.

Jana said it wished to discuss a “significant return of capital to shareholders.”

“PetSmart welcomes open communications with its shareholders and values constructive input toward the goal of enhancing shareholder value,” the company said.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of