India, June 29 -- Monday, Singapore-based SilverCape Investments Limited announced a revised proposal to acquire all outstanding shares of PetMed Express, Inc. (PETS) for $3.00 per share in cash.
In an open letter, SilverCape stated that the revised price reflects PetMed's continued deterioration and represents a superior alternative for PetMed stockholders to the company's current value-destructive course. It further urged the Board to act before the remaining value of the company is eroded and destroyed.
Also, the letter highlighted that as PetMed is no longer viable as a public company due to its dismal quarterly and fiscal year reports, rapidly depleting cash balance, and a lack of effective leadership.
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