SilverCape Releases Revised Proposal to Acquire PetMed Express for $3.00 per Share in Cash
SilverCape Investments, a 12% shareholder, released a revised proposal to acquire PetMed Express for $3.00 per share in cash, a 70% premium to the June 26 closing price of $1.76. The activist investor lowered its offer from a prior $4.00 per share proposal, citing the company's deteriorating financial condition which has seen cash balances drop from $54.7 million to $21.4 million. SilverCape criticized the board for rejecting previous bids and failing to run a bona fide sale process, highlighting recent 'going concern' doubts and governance issues under interim CEO Leslie C.G.
Key figures
- Chair salary
- 1300000
- Closing price
- 1.76
- Proposal price
- 3
- Premium percent
- 70
- Prior proposal price
- 4
- Cash balance decline to
- 21400000
- Cash balance decline from
- 54700000
- Shareholder ownership percent
- 12
AI analysis
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