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LAWSUIT ALERT: Andrews & Springer LLC Announces That a Law Firm Has Filed a Class Action Lawsuit Against PetSmart Inc. - PETM

2014-12-22 18:15 ET - News Release

WILMINGTON, Del., Dec. 22, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of stockholders of PetSmart Inc. (Nasdaq:PETM) ("PetSmart" or the "Company") seeking to challenge the Company's recently announced merger.

If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

On December 14, 2014, PetSmart and a consortium of investors led by BC Partners, Inc. ("BC Partners") announced the signing of a definitive merger agreement pursuant to which BC Partners will acquire PetSmart in a leveraged buyout worth $8.7 billion. As a result of the merger, PetSmart shareholders are only anticipated to receive $83.00 per share in cash in exchange for each share of PetSmart. Following the merger, PetSmart shareholders are expected to receive inadequate consideration that does currently reflect the Company's value. In fact, the consideration represents only a 5.5% premium based on PetSmart's December 12, 2014 trading price. The process leading up to the merger announcement appears to have significant conflicts of interest. For instance, Longview Asset Management, PetSmart's second largest shareholder, will vote its 9% stake in favor of the deal but will simultaneously "participate in the [investor] consortium only with respect to approximately one-third of its holdings."

On December 19, 2014, a PetSmart shareholder represented by another law firm filed a class action complaint challenging PetSmart's merger with BC Partners. The complaint was filed in the Delaware Court of Chancery, Case No. 10482.

If you own shares of PetSmart and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/PETM or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.

Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.

CONTACT: Craig J. Springer, Esq.
         cspringer@andrewsspringer.com
         Call Toll Free: 1-800-423-6013

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