PetSmart, Inc. Acquisition By BC Partners, Inc. Is The Subject Of A Legal Investigation

NEW YORK, Dec. 15, 2014 /PRNewswire/ -- The fairness of the proposed acquisition of PetSmart, Inc. ("PETM" or the "Company") by a consortium led by BC Partners, Inc. ("BC Partners") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm.  The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of PETM for agreeing to sell the Company to BC Partners.  On December 14, 2014, the Company announced it had reached a definitive agreement for BC Partners to acquire PETM in a transaction valued at approximately $8.7 billion.  Under the terms of the agreement, PETM shareholders will receive $83 in cash for each PETM share they own. 

WeissLaw is investigating whether PETM's Board acted to maximize shareholder value prior to entering into the agreement.  Notably, the offer price represents a mere 6.8% premium over the Company's December 12, 2014 closing price.  Additionally, Longview Asset Management, PETM's second largest shareholder, has committed to voting in favor of the acquisition while simultaneously participating in the consortium.

Given these facts, WeissLaw is investigating whether PETM's Board of Directors acted in the best interests of PETM's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with BC Partners.  If you own PETM shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected]. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

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WeissLaw LLP
Joshua Rubin
Kelly Keenan
1500 Broadway, 16^th Floor
New York, NY  10036
T:  212.682.3025
F:  212.682.3010
www.weisslawllp.com
[email protected]

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SOURCE WeissLaw LLP

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