SAN DIEGO, Dec. 29, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of PetSmart, Inc. (PETM), filed a lawsuit in effort to stop the proposed takeover of PetSmart, Inc. by BC Partners, Inc for $83.00 per PETM share.
Investors, who purchased shares of PetSmart, Inc. (Nasdaq:PETM) prior to December 14, 2014, and currently hold any of those (Nasdaq:PETM) shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to (Nasdaq:PETM) stockholders by agreeing to sell PetSmart, Inc. too cheaply via an unfair process to BC Partners, Inc.
On December 14, 2014, PetSmart, Inc. (Nasdaq:PETM) announced that it has entered into an agreement to be acquired by a consortium led by BC Partners, Inc. at a price of $83.00 per share in cash.
However, the plaintiff claims that the offer is too low and undervalues PetSmart, Inc. Indeed, PetSmart's performance improved recently. In addition, the plaintiff claims that the process is also unfair to (Nasdaq:PETM) stockholders. Indeed, Longview Asset Management, which owns or manages approximately 9% of PetSmart's outstanding shares has already committed to vote in favor of the transaction.
Those who currently hold PetSmart, Inc. (Nasdaq:PETM) shares and purchased any of those (Nasdaq:PETM) shares prior to the acquisition announcement have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
