JANA PetSmart Letter (1)

ZZZVHFJRY$UFKLYHVHGJDUGDWDSH[KLELWBEKWP KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDSH[KLELWBEKWP (; SH[KLELWBEKWP (;+,%,7 % -XO\ %RDUG RI 'LUHFWRUV 3HW6PDUW ,QF 1RUWK WK $YHQXH 3KRHQL[ $UL]RQD $WWHQWLRQ 'DYLG . /HQKDUGW 3UHVLGHQW DQG &KLHI ([HFXWLYH 2IILFHU /DGLHV DQG *HQWOHPHQ -$1$ 3DUWQHUV //& ³ZH´ RU ³XV´ EHQHILFLDOO\ RZQV RI WKH RXWVWDQGLQJ VKDUHV RI 3HW6PDUW ,QF ³3HW6PDUW´ RU WKH ³&RPSDQ\´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¶V FKURQLF XQGHUSHUIRUPDQFH DQG VLJQLILFDQW SULYDWH HTXLW\ LQWHUHVW LQ WKH &RPSDQ\ D VDOH LQ WKLV FDVH YHU\ OLNHO\ RIIHUV WKH KLJKHVW ULVNDGMXVWHG UHWXUQ IRU VKDUHKROGHUV 7KLV LV ZK\ ZH ZHUH VWXQQHG E\ UHFHQW UHSRUWV VXJJHVWLQJ WKDW 3HW6PDUW¶V ERDUG RI GLUHFWRUV WKH ³%RDUG´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

JANA PetSmart Letter (1)

Documents

Transcript of JANA PetSmart Letter (1)