PetSmart Rallies On Longview Stake; Does Jana Have Safeway in Mind?

PetSmart, Inc. (NASDAQ:PETM) shares are up 2.3 percent on the day after Longview Asset Management revealed a stake in the firm. Longview’s investment comes on the heals of Barry Rosenstein’s Jana Partners establishing a stake in PetSmart and sharks may be smelling blood in the water. Board of directors’ quick reaction to Jana Partners stake in PetSmart After Jana Partners acquired a 10% stake in PetSmart, Inc. (NASDAQ:PETM), the board of directors quickly reacted, reviewing potential changes to the company’s capital structure that could return cash to shareholders, regulatory filings reveal. When Jana Partner’s intentions in PetSmart were made public last…