PetMed Express shares jump 40.75% intraday after Cardone Ventures’ $4.25/share all-cash takeover offer values company at $89M.

PetMed Express (PETS) surged 40.75% intraday following an unsolicited $4.25/share all-cash takeover proposal from Cardone Ventures, valuing the company at approximately $89 million. The bid, delivered to PetMed’s board and free of financing contingencies, triggered immediate investor optimism, as the offer represents a significant premium to its recent trading price. Cardone Ventures, backed by billionaire Grant Cardone and the Dawson siblings, emphasized PetMed’s strategic assets—its national pet pharmacy platform, fulfillment infrastructure, and customer relationships—as a compelling opportunity for operational enhancement under private ownership. While the non-binding offer requires due diligence, a definitive agreement, and regulatory approvals, its announcement alone underscored confidence in PetMed’s growth potential and Cardone Ventures’ track record in scaling businesses. The lack of financing risk and the clear premium priced into the proposal amplified the stock’s intraday rally.