PetSmart: Jana Partners discloses 9.9% stake in SC 13D filing; intends to have discussions with the Issuer's board of directors and management regarding exploring a sale
The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person intends to have discussions with the Issuer's board of directors and management regarding: a review of strategic alternatives including exploring a sale of the Issuer; improving operating performance; the Issuer's capital structure including providing for a significant return of capital to shareholders; improving the Issuer's capital allocation policy; improving the Issuer's disclosure to shareholders; and management and board composition. The Reporting Person expects to have discussions with the Issuer's management and board of directors, shareholders and other interested parties relating to such matters.