PetIQ beats by $0.20, reports revs in-line; to be acquired by Bansk Group for $31.00 per share in all-cash transaction
- Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.20 better than the FactSet Consensus of $0.50; revenues rose 4.6% year/year to $328.9 mln vs the $330.14 mln FactSet Consensus.
- In a separate press release issued today, PetIQ also announced that it has entered into a definitive merger agreement (the "Agreement") pursuant to which Bansk Group, a consumer-focused private investment firm dedicated to building distinctive consumer brands, will acquire all of the outstanding shares of PetIQ's common stock for $31.00 per share. The proposed all-cash transaction is expected to close in the fourth quarter of 2024, subject to the approval of PetIQ stockholders and the satisfaction of other customary closing conditions.
PetIQ to be acquired by Bansk Group in $31.00 per share in an all-cash transaction
- The cos announced that PetIQ entered into a definitive agreement pursuant to which Bansk Group will acquire all of the outstanding shares of PetIQ's common stock for $31.00 per share, in an all-cash transaction valued at approximately $1.5 billion. PetIQ's Board of Directors (the "Board") has approved the Agreement, which represents a premium of approximately 41% to the 30-day volume-weighted average stock price as of August 6, 2024, the last trading day prior to announcement of the transaction, and a premium of approximately 51% to the closing stock price on that date.
- Transaction Details: The proposed transaction is expected to close in the fourth quarter of 2024, subject to the approval of PetIQ stockholders and the satisfaction of other customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The PetIQ Board recommends that PetIQ stockholders vote in favor of the proposed transaction at the special meeting of stockholders to be held in connection with the agreement. The proposed transaction is not subject to any financing conditions. Upon completion of the proposed transaction, PetIQ's common stock will no longer be listed on the NASDAQ Stock Market, and PetIQ will be privately held and continue to be operated independently by the Company's executive team.
