Bansk Group to buy PetIQ in $1.5bn deal

PetIQ said on Wednesday that it has agreed to be bought by New York-based private investment firm Bansk Group in a $1.5bn deal.

Under the terms of the agreement, PetIQ shareholders will receive $31.00 per share in cash, which is a 51% premium to the closing share price on Tuesday.

Cord Christensen, founder, chairman and chief executive of the pet medication, health and wellness company, said: "On behalf of PetIQ's board of directors, we are thrilled to announce the execution of a definitive agreement with Bansk Group at a substantial premium for PetIQ stockholders.

"After a comprehensive assessment of the offer with the assistance of our outside advisors, the board has determined that this transaction represents an attractive outcome for PetIQ and our stockholders."

The deal is expected to close in the fourth quarter.

At 1430 BST, the shares were up 48% at $30.51.