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Jana Partners levels accusations at PetSmart

  • Jana Partners sent a letter to the board of directors at PetSmart (PETM -0.1%) urging for a full review of all strategic alternatives including exploring sale options.
  • The hedge fund says it learned from shareholders that the company held a meeting for employees last week in which it suggested they "enhance" upcoming quarterly results in anticipation of a proxy battle.
  • Full text of Jana letter
Comments (1)
  • John Rhodes
    , contributor
    Comments (688) | Send Message
     
    I've never watched an activist hedge fund's activity this closely. As a PETM shareholder I think this is super interesting. On the one hand, this is an huge distraction for management and could take their eyes off of operations. On the other hand, this blunt force is definitely causing PETM management to act and react. Overall, no matter how it turns out, I believe PETM will emerge stronger or shareholders will be rewarded by Barry Rosenstein's intense focus.
    12 Aug, 04:04 PM Reply Like
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