PetSmart Stockholders Approve Acquisition by Consortium Led by BC Partners
March 06 2015 - 5:00PM
Business Wire
PetSmart, Inc. (NASDAQ: PETM) (“PetSmart”) announced that its
stockholders approved the acquisition of PetSmart by a consortium
led by BC Partners, Inc. and including La Caisse de dépôt et
placement du Québec, affiliates of StepStone Group LP and Longview
Asset Management, LLC at its special meeting of stockholders held
March 6, 2015. Subject to the satisfaction or waiver of all closing
conditions related to the transaction, PetSmart expects the
transaction to close on March 11, 2015. At the closing of the
transaction, PetSmart stockholders will receive, for each share of
PetSmart common stock, $83.00 in cash.
About PetSmart
PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet
retailer of services and solutions for the lifetime needs of pets.
At PetSmart, we believe pets make us better people. That’s why we
create more moments for people to be inspired by pets. This mission
impacts everything we do for our customers, the way we support our
associates, and how we give back to our communities. We employ
approximately 53,000 associates, operate approximately 1,404 pet
stores in the United States, Canada and Puerto Rico and
approximately 202 in-store PetSmart ® PetsHotel ® dog and cat
boarding facilities. PetSmart provides a broad range of
competitively priced pet food and pet products and offers dog
training, pet grooming, pet boarding, PetSmart Doggie Day Camp day
care services and pet adoption services in-store. Through
petsmart.com and pet360.com, we offer the most comprehensive online
pet supplies and pet care information in the U.S. Through our
in-store pet adoption partnership with independent nonprofit
organizations, PetSmart Charities ® and PetSmart Charities ® of
Canada, PetSmart helps to save the lives of more than 400,000
homeless pets each year. In addition, PetSmart supports
organizations that make communities a better place to call home
through our philanthropy program, PetSmart Gives Back™. By giving
back to the communities where we live and work, PetSmart not only
celebrates the power of pets to enrich people’s lives—we
live it.
Forward-looking statements
This communication contains forward-looking statements
regarding, among other things, statements related to our
expectations for future performance, and expectations regarding our
profit improvement program, goals, plans, objectives and future
events. PetSmart intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Reform Act of 1995. In some
cases, forward-looking statements can be identified by the
following words: “may,” “will,” “could,” “would,” “should,”
“expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” “ongoing,”
“outlook,” “guidance” or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. The forward-looking information and statements
are or may be based on a series of projections and estimates and
involve risks and uncertainties. These risks and uncertainties
include such factors as: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the merger agreement, (2) the failure to obtain
PetSmart stockholder approval or the failure to satisfy any of the
other closing conditions, (3) the risks related to the debt
financing arrangements entered into in connection with the merger
agreement, (4) the risks related to disruption of management’s
attention from PetSmart’s ongoing business operations due to the
transaction, (5) the effect of the announcement of the
transaction on the ability of PetSmart to retain and hire key
personnel and maintain relationships with its customers, suppliers
and others with whom it does business, or on its operating results
and business generally, (6) changes in general economic
conditions, (7) the effectiveness of PetSmart’s profit
improvement program in reducing costs and increasing profitability,
(8) conditions affecting customer transactions and average
ticket including, but not limited to, weather conditions or other
seasonal events, (9) PetSmart’s ability to compete effectively
and maintain PetSmart’s supply chain, (10) PetSmart’s ability
to effectively manage its growth and operations, (11) changes
in PetSmart’s structure, and (12) changes in the legal or
regulatory environment. Additional risks are described under
Item 1A, “Risk Factors,” in PetSmart periodic filings with the
Securities and Exchange Commission (“SEC”), including PetSmart’s
annual report on Form 10-K for the year ended February 2, 2014
filed on March 27, 2014 and in PetSmart’s subsequently filed
Form 10-Qs. Given these uncertainties, undue reliance should not be
placed on these forward-looking statements. PetSmart does not
undertake any obligation to release any revisions to these
forward-looking statements publicly to reflect events or
circumstances after the date of this communication or to reflect
the occurrence of unanticipated events.
PetSmart, Inc.April Lenhard, 623-587-2025Investor
RelationsorSard Verbinnen & CoBrandy Bergman / Bryan Locke /
Margaret Popper212-687-8080
(MM) (NASDAQ:PETM)
Historical Stock Chart
From Aug 2024 to Sep 2024
(MM) (NASDAQ:PETM)
Historical Stock Chart
From Sep 2023 to Sep 2024