Cardone Ventures Proposes to Acquire PetMed Express for $4.25 per Share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 16 2025
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Cardone Ventures submitted an unsolicited, non-binding proposal to acquire PetMed Express 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.
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Analyst Views on PETS
About PETS
PetMed Express, Inc., doing business as PetMeds, is a direct-to-consumer pet pharmacy. The Company is an online provider of prescription and non-prescription medications, food, supplements, and supplies and has veterinary and pet insurance service partnerships for dogs, cats, and horses. It markets and sells directly to consumers through their Websites, toll-free numbers, and employer benefit partnerships. Its product line contains over 15,000 SKUs of pet medications, health products, foods, and supplies. The Company offers various pet supplies, including beds, crates, stairs and other pet supplies. Its products include Prescription Medications (Rx), Non-Prescription Medications (OTC) and supplies, Pet Foods, Private Label and Holistic Wellness Services. Rx includes heartworm and flea and ticks preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
PetMed Express Faces Investigation Over Delayed Earnings, Stock Plummets 32.41%
- Financial Audit Delay: PetMed Express announced on June 10, 2025, a delay in releasing its Q4 and fiscal year 2025 earnings, causing a stock drop of 11.22% the following day, reflecting investor concerns over the company's financial transparency.
- Impact of Internal Investigation: On July 1, 2025, PetMed delayed its annual report due to an internal investigation into revenue recognition, leading to a 1.51% decline in stock price, indicating that governance and compliance issues may undermine investor confidence.
- Quarterly Report Delay: On November 12, 2025, PetMed disclosed it could not timely file its Q3 report, resulting in a 32.41% plunge in stock price to $1.96, highlighting a significant crisis in financial management that could lead to broader legal and financial repercussions.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether PetMed engaged in securities fraud or other unlawful business practices, suggesting the company faces potential legal liabilities that could further impact its market performance and shareholder interests.
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PetMed Express Faces Investigation Over Delayed Earnings, Stock Plummets 32.41%
- Audit Delay: On June 10, 2025, PetMed Express announced a delay in releasing its Q4 and fiscal year 2025 earnings, causing its stock to drop 11.22% the following day, reflecting market concerns over the company's financial transparency.
- Internal Investigation Impact: On July 1, 2025, PetMed delayed its annual report due to an internal investigation into revenue recognition, leading to a 1.51% decline in stock price, indicating a weakening investor confidence in corporate governance.
- Quarterly Report Delay: On November 12, 2025, PetMed disclosed it could not timely file its Q3 report, resulting in a 32.41% stock plunge to $1.96, highlighting severe financial compliance issues that may affect future financing capabilities.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether PetMed engaged in securities fraud or other unlawful business practices, which could lead to further legal liabilities and financial losses, increasing uncertainty for investors.
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