PetSmart, Inc PETM moved higher Monday amid bidding rumors. DealReporter noted that possible suitors are currently setting up financing which prompted the stock to surge over 1 percent.
Sources told DealReporter that bidders are expected to bring proposals around Thanksgiving and that firm’s are speaking to lenders to secure financing ahead of submitting final bids.
The company put itself on the block in August after being pressured by Jana Partners.
PetSmart is also scheduled to release its Q3 earnings on Tuesday.
PetSmart, Inc traded at $73.61 at Monday’s close, up 1.06 percent.
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