PETM » Topics » Note 17 - Subsequent Events

This excerpt taken from the PETM 10-K filed Mar 28, 2007.
Note 17 — Subsequent Events
 
Plan to Exit the State Line Tack Product Line
 
On February 28, 2007, the Company announced its plans to exit the equine product line including the sale or discontinuation of State Line Tack.com and the equine catalog. The Company expects to complete the exit of the equine product line in fiscal 2007.
 
MMI Holdings, Inc.
 
On February 28, 2007, the Company announced an agreement to increase its portion of the voting shares of MMIH, the operator of Banfield, The Pet Hospital. The increase will result in the Company accounting for its share in MMIH using the equity method of accounting. As part of the agreement, the Company sold a portion of its shares in MMIH to Mars, Inc., the owner of the largest portion of MMIH. The Company received proceeds of $111,752,000 in March 2007.
 
Agreement to Acquire 19 Super Pet Stores in Canada
 
On February 15, 2007, the Company announced an agreement in principle to acquire 19 Super Pet stores in Canada. The acquisition is subject to the parties entering into a definitive agreement and the satisfaction of standard closing conditions and certain regulatory approvals. The transaction is expected to close within 60 days following the execution of the definitive agreement.

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Note 19 — Subsequent Events
 
On March 28, 2006, the Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on May 12, 2006 to stockholders of record on April 28, 2006.


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EXCERPTS ON THIS PAGE:

10-K
Mar 28, 2007
10-K
Apr 10, 2006
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