India, June 29 -- PetMed Express, Inc. (PETS) stock rose 10.54 percent, gaining $0.185 to $1.945 on Monday, after SilverCape Investments urged the company's board to engage on a revised proposal to acquire all outstanding shares for $3.00 per share in cash. The offer represents a premium of about 70% to PetMed's June 26 closing price of $1.76.
The stock is currently trading at $1.945, compared with its previous close of $1.76 on the Nasdaq. Shares opened at $2.22 and traded between $1.90 and $2.35 during the session. Trading volume reached 25.17 million shares, far above the average daily volume of 115,735 shares.
SilverCape said its revised proposal carries no financing contingency and argued that PetMed should pursue a sale following re...