Cardone Ventures announces $4.25 per share proposal to acquire PetMed Express

Cardone Ventures submitted an unsolicited, non-binding proposal to acquire PetMed Express (PETS) for $4.25 per share in cash, representing an implied equity value of approximately $89M. The proposal was delivered to the Board of Directors of PetMed Express and is not subject to any financing contingency. The firm said, “Cardone Ventures views PetMeds as a strategically important acquisition that aligns with its core mission of acquiring, operating, and scaling businesses with strong brands and meaningful growth potential. PetMeds’ national pet pharmacy platform, customer relationships, fulfillment infrastructure, and regulatory capabilities present a compelling opportunity for operational enhancement under private ownership. Cardone Ventures intends to apply its proven expertise in acquisitions, value creation, leadership development, and execution discipline to improve performance, accelerate growth, and unlock long-term shareholder value.” The proposal is non-binding, and there can be no assurance that a definitive agreement will be reached or that the transaction will be consummated.