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Giant Hedge Funds in PetSmart

PetSmart Draws Big Bets from Several Hedge Fund Giants

PetSmart Inc., the largest specialty pet retailer of services and solutions for the lifetime needs of pets, has drawn big bets from several well-known hedge funds including Fortress Investment Group LLC and Daniel Loeb’s Third Point LLC.
A hedge-fund investing strategy aimed at squeezing more money from corporate takeovers has its biggest test yet: PetSmart Inc.
The specialty retailer’s recent $8.25 billion buyout has drawn big bets from several well-known hedge funds, which bought shares on the brink of the deal’s closing in March and are laying the groundwork for a court battle over the $83-a-share buyout price, according to filings and people familiar with the matter.
The funds, including Fortress Investment Group LLC and Daniel Loeb’s Third Point LLC, plan to avail themselves of a legal remedy known as “appraisal,” in which a judge determines the fair value of the stock. Little used until about a year ago, the strategy has surged in popularity, attracting ever-larger wagers from hedge funds hungry for returns. These funds typically buy shares just before a deal closes with the intention of seeking more in court.
Source: Wall Street Journal

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