The Globe and Mail reports in its Friday edition it was inevitable that an activist hedge fund would be sniffing around PetSmart's doggie door. The Globe's Brian Milner writes shakeup artists are always on the prowl for underachievers with strong brand names but languishing stock prices. The largest U.S. retail pet-products peddler fits the bill. Along comes Jana Partners LLC to reveal that it has acquired a 9.9-per-cent interest, which it will be using to press the management and board for changes designed to boost shareholder returns, including a possible sale of the company. Investors quickly drove up PetSmart's stock up $7.48 (U.S.) to $67.28 (U.S.). Canadians know what could happen if PetSmart rejects Jana founder Barry Rosenstein's overtures. When Mr. Rosenstein could not get what he wanted from Agrium, the Calgary farm supplier found itself in a very public and nasty 10-month battle for the hearts and votes of its shareholders. After the contentious proxy vote, Mr. Rosenstein accused the board of violating "all precepts of good corporate governance, fair play, ethical behaviour and democracy." PetSmart definitely needs to learn some new tricks if it wants to keep the takeover hounds at bay.