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Jana Partners pressures PetSmart for sale

Phoenix – Jana Partners, the largest shareholder in PetSmart by one million shares with a 9.9% disclosed ownership stake, is pressuring PetSmart to sell the company. In a letter to the PetSmart board of directors, Jana said it will seek to install new, pro-sale board members at the upcoming annual meeting if PetSmart does not start seeking a sale.

“Given PetSmart's chronic underperformance and significant private equity interest in the company, a sale in this case very likely offers the highest risk-adjusted return for shareholders,” said the letter.