Singapore-based SilverCape Investments Limited has announced a revised proposal to acquire all outstanding shares of PetMed Express for $3.00 per share in cash. In an open letter, SilverCape stated that the revised price reflects PetMed's continued deterioration and represents a superior alternative for stockholders to the company's current value-destructive course. The letter urged the Board to act before the remaining value of the company is eroded, highlighting that PetMed is no longer viable as a public company due to dismal quarterly and fiscal year reports, a rapidly depleting cash balance, and a lack of effective leadership. SilverCape also indicated it would welcome other third-party alternatives offering superior value and would support a structured, independent process to consider those alternatives. In pre-market trading, PetMed's stock was up 32.43 percent at $2.3399 on the Nasdaq.
PetMed Express IncSilverCape proposes to acquire PetMed at $3/share, a premium to market price.
SilverCape is the bidder; impact depends on deal outcome, not discussed further.