PetMed Express $PETS ( ▼ 0.55% ) jumped after revealing it received a take-private offer from Singapore-based SilverCape Investments that values the company at a steep premium. SilverCape proposed paying $4 per share, far above the stock’s $1.77 close on Wednesday, sending shares sharply higher in early trading.
PetMed said its board is reviewing the offer. The company has been public since 1997 but has struggled in recent years as sales stagnated and profitability slipped. The stock is down 60 percent this year and has lost 96 percent of its value since its 2018 peak.
The offer represents a potential turning point for the online pet pharmacy, which has been searching for a path back to growth.