PetMed Express, Inc. (Nasdaq: PETS) confirmed its board has received a second unsolicited, non-binding, and conditional acquisition proposal from SilverCape Investments Limited, this time offering $3.00 per share in cash, down from a prior proposal of $4.00 per share made on December 11, 2025.

The board said it will evaluate the latest proposal with the assistance of financial and legal advisors. SilverCape's proposal is not a formal offer, and stockholders are not required to take any action at this time.

According to the company, after SilverCape's December 2025 proposal, the board directed its financial advisor to conduct a broad outreach to strategic and financial parties potentially interested in acquiring the company. SilverCape was invited to participate under the same terms as other parties, including signing a nondisclosure agreement with a standard standstill provision.

The company said that on April 21, 2026, SilverCape informed the company's financial advisor that it was unwilling to execute a nondisclosure agreement containing a standstill provision, ending months of negotiation on that agreement.

The board said it is prepared to engage with SilverCape on its latest proposal upon execution of a nondisclosure agreement that includes a standstill provision. The board has not reached any determination on the proposal, and no assurance exists that a transaction will result.