PetMed Express Gains on SilverCape Investments Buyout Proposal

Dow Jones12-12

By Josh Beckerman

Shares of PetMed Express climbed after pet-pharmacy company received a buyout proposal valued at more than double Wednesday's closing price.

The stock rose 81%, to $3.21, midday Thursday. Volume was more than 105 million shares, compared with a 65-day average of 150,007. Shares are down about 33% this year.

SilverCape Investments, which holds about 12% of PetMed's outstanding shares, announced a preliminary, non-binding proposal for the company for $4 a share. SilverCape said the price would be funded with cash on hand and wouldn't be subject to any financing conditions or contingencies.

PetMed said it would carefully review and consider the proposal.

The Delray Beach, Fla., company said in July that the board's audit committee had received anonymous reporting through a whistleblower hotline regarding the timing of revenue recognition with respect to certain autoship orders and the company's culture and control environment. In October, the company said it would restate results.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

December 11, 2025 13:27 ET (18:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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