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Activist hedge fund gets anonymous PetSmart 'internal change' tip


New York -- Activist hedge fund Jana Partners revealed on Monday that it received an anonymous package detailing a PetSmart presentation around improving results over the next two quarters.

According to Jana in a filing with the Securities and Exchange Commission, a cover letter accompanied the presentation, saying that PetSmart had “missed internal projections.” Jana said it sent the documents back to the company, asking the board to “promptly release such materials after redacting any such competitively sensitive information.”

Jana, which has a 9.8% stake in PetSmart, has been calling on the company to conduct a financial review of its options and consider a sale after what it calls years of financial underperformance. Neither Jana nor PetSmart have commented publically on the tip.

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