PetSmart suitors Clayton Dubilier & Rice and KKR join forces for USD 7.5bn joint bid - Newswire Round-up
PetSmart (Nasdaq: PETM) bidders Clayton Dubilier & Rice and KKR have joined forces on a USD 7.5bn-plus offer for the Phoenix, Arizona-based retailer, a newswire report said. According to people close to the situation, the two private-equity firms are preparing to table their joint bid in December, Reuters reported.
The same sources said rival PE houses BC Partners and Apollo Global Management are also looking at making their own bids, the item reported.
PetSmart initiated a sale process following pressure from shareholders including Jana Partners and Longview Asset Management, the report noted. It added that the sources said activist Jana is thinking of putting together its own board slate for PetSmart in the event that the auction does not play out to its satisfaction.
Newswire Round-up