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.
Copyright Business Wire 2015