Hedge fund Jana Partners to ask PetSmart to explore sale

Features Reuters

Activist hedge fund Jana Partners LLC said it planned to ask PetSmart Inc to explore a sale, sending the pet products retailer's shares up 13 percent in premarket trading.

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Jana Partners reported a 9.9 percent stake in the company in a regulatory filing and said it expects to hold discussions with PetSmart's management and board, shareholders and other interested parties.