Petmed Express soars after SilverCape submits $4 buyout bid

Petmed Express shares jumped over 51% after top shareholder SilverCape Investments offered to buy the company for $4 per share in cash. SilverCape, which holds a 12.28% stake, said the deal would use its existing funds and require no financing conditions. The bid comes as Petmed faces declining sales, intense competition, and an internal probe into revenue recognition concerns.