PetMed Express, Inc. Confirms Receipt of Unsolicited, Non-Binding, and Conditional Acquisition Proposal from SilverCape Investments Limited

About this update from Petmed Express, Inc.

DELRAY BEACH, Fla., June 30, 2026 (GLOBE NEWSWIRE) -- PetMed Express, Inc. ("PetMeds" or the "Company") (Nasdaq: PETS) today confirmed that its Board of Directors (the "Board") has received an unsolicited, non-binding, and conditional proposal from SilverCape Investments Limited ("SilverCape") to acquire all outstanding shares of the Company's common stock for $3.00 per share in cash, following SilverCape's prior unsolicited, non-binding, and conditional proposal of $4.00 per share made on December 11, 2025. Consistent with its fiduciary duties, the Board, with the assistance of its financial and legal advisors, will carefully evaluate the proposal to determine the course of action that it believes is in the best interests of the Company and all stockholders. SilverCape's proposal is not a formal offer, and stockholders are not required to take any action at this time. As previously disclosed, following SilverCape's December 2025 proposal, the Board directed its financial advisor to conduct a broad outreach process to actively solicit interest from strategic and financial parties that could have an interest in acquiring the Company. SilverCape was invited to participate on the same terms as all other parties, including execution of a customary nondisclosure agreement containing a standard standstill provision to ensure an orderly and equitable process designed to obtain the best result for all stockholders. Although the Company prepared extensive diligence materials and a formal management presentation, SilverCape ultimately informed the Company's financial advisor on April 21, 2026, following months of negotiation on the agreement, that it was unwilling to execute a nondisclosure agreement containing a customary standstill provision at that stage. Consistent with its fiduciary duties, the Board is prepared to engage with SilverCape regarding its latest proposal upon the execution of a customary nondisclosure agreement containing a standstill provision and, as previously disclosed in public filings, will consider any credible proposal that has the potential to maximize value for stockholders. The Board has not reached any determination regarding SilverCape's latest proposal, and there can be no assurance that any transaction will result. The Company does not intend to comment further unless and until the Board completes its review or determ...

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