PetIQ, Inc. (NASDAQ: PETQ) will be acquired by Bansk Group in an all-cash deal valued at approximately $1.5 billion. PetIQ stockholders will receive $31.00 per share, a significant premium over the recent trading price of around $10. The acquisition reflects the strategic importance of PetIQ in the pet healthcare market and is expected to boost PetIQ shares as the transaction nears completion.

Bansk Group has agreed to acquire PetIQ, a US-based pet medication, health and wellness company, in a $1.5 billion take-private deal.

EAGLE, Idaho, and NEW YORK, New York, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading pet medication, health and wellness company, and Bansk Group (“Bansk”), a consumer-focused private investment firm dedicated to building distinctive consumer brands, today announced that PetIQ entered into a definitive agreement (the “Agreement”) pursuant to which Bansk Group will acquire all of the outstanding shares of PetIQ’s common stock for $31.00 per share, in an all-cash transaction valued at approximately $1.5 billion. PetIQ’s Board of Directors (the “Board”) has approved the Agreement, which represents a premium of approximately 41% to the 30-day volume-weighted average stock price as of August 6, 2024, the last trading day prior to announcement of the transaction, and a premium of approximately 51% to the closing stock price on that date. Cord Christensen, Founder, Chairman and CEO of PetIQ, commented, “On behalf of PetIQ's Board of Directors, we are thrilled to announce the execution of a definitive agreement with Bansk Group at a substantial premium for PetIQ stockholders. After a comprehensive assessment of the offer with the assistance of our outside advisors, the Board has determined that this transaction represents an attractive outcome for PetIQ and our stockholders.” Christensen concluded, “Our growth and success over the last 14 years is a testament to our emphasis on long-term, strategic decision making, while operating our business in the interest of all stakeholders. We are excited to partner with Bansk Group and to utilize their extensive operational and brand-building experience, including their direct expertise of managing consumer health products for over four decades. This transaction provides us with an incredible opportunity to continue to execute on our strategy of providing pet parents convenient access to affordable pet healthcare while accelerating many longer-term growth initiatives.” “Cord and the entire PetIQ team have done a fantastic job developing a comprehensive pet health and wellness platform that offers effective and accessible solutions for pet owners,” said Chris Kelly, Senior Partner of Bansk Group