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Pet City Holdings plc Shareholders Approve Merger With PETsMART

PHOENIX, Nov. 22 /PRNewswire/ -- PETsMART, Inc. (Nasdaq: PETM) announced today that the shareholders of Pet City Holdings plc, approved the proposed merger of the United Kingdom's largest pet industry specialty retailer with PETsMART, Inc. Under the terms of the merger agreement announced October 25, 1996, 0.3214 of a share of PETsMART common stock will be issued for each outstanding ordinary share of Pet City Holdings plc, or a total of approximately 8 million PETsMART shares. Subject to approval by the High Court of Justice in England and Wales, the transaction is expected to close on or about December 18, 1996.

PETsMART, Inc. is the leading operator of superstores specializing in pet food, supplies and services in the United States. PETsMART currently operates 312 stores in 34 states in the United States, plus an additional 8 stores in Canada.

PETsMART's common stock is traded on the Nasdaq Stock Market under the symbol PETM.

 -0- 11/22/96

/CONTACT: C. Donald Dorsey, Executive Vice President, 602-944-7070, ext. 2002, or Kathy Suedel, Investor Relations Manager, 602-944-7070, ext. 2014/


CO: PETsMART Inc.; Pet City Holdings plc ST: Arizona IN: SU: TNM

KL-cw -- LAF052 -- 4036 11/22/96 19:01 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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