NEW YORK (Reuters) - PetSmart Inc plans to explore a potential sale of the company, people familiar with the matter said on Tuesday, after several shareholders led by activist investor Jana Partners LLC pressured the pet supply retailer to sell itself.
PetSmart, which has a market capitalization of nearly $7 billion, could announce the intention to explore strategic alternatives as soon as this week, although the timing could yet change, one person said.
There is no guarantee the review will lead to a deal and PetSmart could still determine that it would be better off on its own, the people cautioned, asking not to be named because the matter is not public.
Representatives for PetSmart could not be immediately reached for comment.
Shares of PetSmart were up 3.4 percent at $70.80 in late afternoon trading.
(Reporting by Soyoung Kim in New York; Editing by Leslie Adler)
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