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support for appraised intrinsic value realization

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PetSmart, Inc.



AVR Status

PetSmart reported voting approval on March 6, 2015 by 74.4% of outstanding shares for the company's definitive agreement to be acquired by a consortium led by BC Partners, with the participation of existing shareholder Longview Asset Management, at a price of $83.00 per share, as presented in the company's February 2, 2015 Definitive Proxy Statement, and the merger became effective on March 11, 2015. Based on its review of suitability, the Forum will offer support of shareholders who reserved rights to consider appraisal for realization of the company's intrinsic value.


Forum reference:

Buyer's view of acquired company's value in excess of market price


Source: The Wall Street Journal | MoneyBeat, December 15, 2014 article and video



12:15 pm ET
Dec 15, 2014


BC Partners Thinks It Has a Hidden Gem In PetSmart


By Paul Vigna

HCat food and dog collars are at the heart of what is this year’s biggest buyout: the $8.2 billion deal to take PetSmart Inc. private. BC Partners Inc. reached a bit outside its comfort zone, in terms of both the kind of company it bought and the money it’s paying for it, beating out rivals Apollo Global Management LLC and KKR & Co.

But as David Benoit noted this morning on the MoneyBeat show, the firm is confident in the pet-products retailer’s prospects, and has said it actually doesn’t plan to make too many changes. In essence, the firm claims, it isn’t that the company’s gotten its strategy wrong, but that Wall Street has gotten the company’s valuation wrong.



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