JANA Partners Trims PetSmart Stake Again ~ market folly

Tuesday, January 27, 2015

JANA Partners Trims PetSmart Stake Again

Barry Rosenstein's activist hedge fund JANA Partners has filed another amended 13D with the SEC regarding their position in PetSmart (PETM).  Per the filing, JANA now owns 5.1% of the company with over 5.05 million shares.

This is the second time they've cut their position size in January.  After dropping their stake from 9.69 million shares down to 7.6 million, they've now reduced it further to 5.05 million.  The filing was made due to activity on January 22nd.

PetSmart is set to be acquired by BC Partners in an $8.7 billion deal, so perhaps JANA is reducing exposure to what has become an arbitrage play in order to free up capital to deploy into other opportunities. 

We've also posted up other portfolio activity from JANA this month as well.

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