Jana Partners turns up the heat on PetSmart

Jana Partners hammers away at PetSmart (PETM) in a new letter to the company's board of directors.

The investment firm says it's "stunned" that PetSmart wants to skip a review of potential acquirers to jump straight into a recapitalization plan.

Jana holds 9.8% of PetSmart and has put the retailer on notice it will push for board changes if a full strategic review isn't implemented.

SEC filing

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