PetMed Express Receives $4 Acquisition Proposal from SilverCape

PetMed Express received an unsolicited and non-binding acquisition proposal from SilverCape Investments to acquire all of the outstanding shares of the Company for $4 per share in cash, subject to various conditions such as due diligence and the execution of a mutually acceptable definitive agreement, but not subject to any financing contingency. The company said, "While PetMeds would typically not publicly comment on privately submitted and non-binding acquisition proposals, SilverCape has publicly disclosed its proposal and the terms thereof in an amendment to its Schedule 13D that was filed with the U.S. Securities and Exchange Commission on December 11, 2025. The PetMeds Board of Directors, consistent with its fiduciary duties and in consultation with its financial and legal advisors, will carefully review and consider SilverCape's acquisition proposal to determine the course of action that it believes is in the best interests of PetMeds and its stockholders. PetMeds notes that SilverCape's letter does not constitute a formal offer capable of acceptance and, as such, stockholders do not need to take any action at this time."