PETSMART Buyout is Investigated by Former Louisiana Attorney General and Special Prosecutor Richard P. Ieyoub and the Firm of Ieyoub O’Bell & Myers, LLC

BATON ROUGE, La.--()--Former Attorney General of Louisiana Richard P. Ieyoub and the firm of Ieyoub O’Bell & Myers, LLC (IOM) (www.iomcounsel.com) are investigating the proposed buyout of PetSmart, Inc. (PETM) by a consortium led by BC Partners, Inc.

PetSmart, the largest specialty retailer of pet supplies, announced a definitive merger agreement with the BC Partners consortium on December 14, 2014. Under the agreement, the consortium will acquire all of the outstanding shares of PetSmart for only $83.00 per share in cash. General Ieyoub and IOM are investigating whether the proposed sale price, as well as the process that led up to it, are fair to PetSmart’s public shareholders. The price represents a premium of only 7% to the company’s share price on the day before the buyout was announced. In addition, PetSmart’s second largest shareholder, Longview Asset Management (LAM), appears to stand on both sides of the transaction. LAM will participate with the buyers with respect to one-third of its holdings but will also participate as a seller with respect to two-thirds of its holdings, receiving nearly $500 million in proceeds.

If you are a shareholder of PetSmart and you possess information relevant to this investigation, and/or if you would like to discuss your legal rights, you may contact IOM Partner Albert M. Myers at al.myers@iomcounsel.com or call (404) 931-7735.

Richard Ieyoub, a partner of IOM, served as a Special Prosecutor, District Attorney, and President of the National District Attorneys Association before being elected Louisiana Attorney General in 1992, serving until 2004. General Ieyoub played a leadership role in litigation on behalf of 46 states against major tobacco manufacturers, who agreed in 1998 to pay over $200 billion to redress the public health costs of smoking. IOM partners Eric J. O’Bell and Albert M. Myers have practiced shareholder litigation for a combined total of over 25 years. IOM has offices in the New Orleans and Atlanta metropolitan areas. The firm’s website is www.iomcounsel.com.

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Contacts

Ieyoub, O’Bell & Myers, LLC
Albert M. Myers, 404-931-7735
al.myers@iomcounsel.com
www.iomcounsel.com

Ieyoub O’Bell & Myers, LLC