When PetSmart Inc. reported not-so-great first quarter results, its stock plummeted nearly 30 percent, and value-oriented and activist investors dove in to buy up chunks of the company’s stock. Two of those investors, JANA Partners LLC and Longview Asset Management LLC, filed documents with the SEC earlier this month, encouraging the Phoenix-based retailer to consider a sale. In response, PetSmart, which is the nation’s largest specialty pet retailer of services and solutions, ...

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