PETS News & Events

PetMed Express confirmed that its board of directors has received an unsolicited, non-binding, and conditional proposal from SilverCape Investments to acquire all outstanding shares of the company's common stock for $3.00 per share in cash, following SilverCape's prior unsolicited, non-binding, and conditional proposal of $4.00 per share made on December 11, 2025. The board, with the assistance of its financial and legal advisors, will evaluate the proposal to determine the course of action that it believes is in the best interests of the company and all stockholders. SilverCape's proposal is not a formal offer, and stockholders are not required to take any action at this time. SilverCape ultimately informed the company's financial advisor on April 21, following months of negotiation on the agreement, that it was unwilling to execute a nondisclosure agreement containing a customary standstill provision at that stage. The board is prepared to engage with SilverCape regarding its latest proposal upon the execution of a customary nondisclosure agreement containing a standstill provision and, as previously disclosed in public filings, will consider any credible proposal. The board has not reached any determination regarding SilverCape's latest proposal, and there can be no assurance that any transaction will result. The company does not intend to comment further unless and until the board completes its review or determines that additional disclosure is appropriate or required. In the meantime, the board remains fully focused on overseeing the company's core operations.

Stock futures are higher before the open, with the Nasdaq leading gains as investors move back toward growth and technology names after last week's pressure. Oil prices are also easing from recent highs, reducing fears that a geopolitical shock could spill into inflation expectations.The key theme this week is shifting from geopolitics back toward macro data. Investors are watching labor market releases, including JOLTS and Thursday's payroll report, for clues on the Federal Reserve path. Markets continue to weigh a resilient economy against concerns that sticky inflation could keep the Fed more restrictive than expected.In pre-market trading, S&P 500 futures rose 0.76%, Nasdaq futures rose 1.03% and Dow futures rose 0.41%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -PetMed Expressup 32% after SilverCape Investments released an open letter to its board of directors calling on the board to engage with SilverCape on a revised proposal to acquire all outstanding shares of common stock of PetMed for $3.00 per share in cash with no financing contingencyCharterand SpaceXand up 24% and 2%, respectively, after a report that the companies discussed partnering on a consumer mobile phone offeringComcastup 21% after announcing its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and SkyIridiumand Rocket Labup 22% and 9%, respectively, after Rocket Lab agreed to acquire all the outstanding shares of Iridium common stock for $54 per share in a cash and stock transactionLOWER -Zymeworksand Theravance Biopharmaboth down 2% after Zymeworks entered into a definitive agreement to acquire Theravance Biopharma for $17.00 per shareMartin Mariettadown 2% after entering into a definitive agreement to combine with Lhoist North America, a subsidiary of Lhoist Group, for $13.5B in cash and shares of Martin Marietta common stockBritish American Tobaccodown 1% after reporting its Fit2Win cost-cutting initiatives will impact 9,000 jobsVerizondown 1% after BT Groupand the company announced the signing of an agreement to combine their respective international enterprise operations into a 50:50 joint venture

SilverCape Investments released an open letter to the board of directors of PetMed Express calling on the board to engage with SilverCape on a revised proposal to acquire all outstanding shares of common stock of PetMed for $3.00 per share in cash with no financing contingency. The proposed purchase price represents a premium of approximately 70% to PetMed's closing share price of $1.76 on June 26. In its letter to the Board, SilverCape outlines its belief that: "Based upon the dismal quarterly and fiscal year report of PetMed earlier this month, it is no longer viable as a public company and should seek a sale to an interested buyer before the remaining value of the Company is eroded and destroyed. The Board's refusal to engage meaningfully with SilverCape on its original proposal to acquire the Company for $4.00 per share in cash and then concluding a purported process to consider other sale interest without materializing a superior transaction, has left the Company in a precarious position. The ongoing deterioration of PetMed's business, a rapidly depleting cash balance, and a lack of effective leadership have eroded substantial additional value since SilverCape made its original proposal on December 11, 2025. The governance of the Company is broken, ineffective, with unaligned Board members who own little stock, and are not acting as independent fiduciaries for stockholders. SilverCape's $3.00 per share cash purchase price crystallizes the long-term value of PetMed's assets for stockholders - without the ongoing exposure to the risks faced by the business as admitted by the Company in its most recent 10-K filing, "...financial condition may currently and in the future raise substantial doubt as to our ability to continue as a going concern."

A catch-up rally in Utilities and Basic Materials - the best performing sectors in the S&P 500 - helped the benchmark index to new record highs on Tuesday, though Energy and Technology were also bid amid the ongoing inflows seeking to benefit from Middle East tension and the powerful AI capex cycle.  Communication Equipment names and Semiconductors traded especially strongly within Tech, though Infrastructure and Application Software underperformed as Microsoftpared its gains after three strong sessions.  HP Enterpriseand Coherentwere the best performing stocks in the S&P 500 while Intuitand Trade Deskwere the biggest losers with a 9% decline.In the opening hour of the evening session, S&P e-minis and Nasdaq 100 contracts are down about a decimal.  In commodities, WTI Crude Oil remains bid with a 1% advance while Copper is consolidating two strong sessions of gains.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Sportsman's Warehouseup 13%GameStopup 9%Ulta Beautyup 0.2%ALSO HIGHER -Shopifyup 1.5% after $3B buybackDOWN AFTER EARNINGS -Yextdown 17%GitLabdown 5%PetMed Expressdown 2.4%Palo Alto Networksdown 1.4%.ALSO LOWER -TETRA Technologiesdown 11% after equity offering