PetMed management confirmed Tuesday they will evaluate the revised offer, provided SilverCape signs a nondisclosure agreement that includes a standard standstill provision. This requirement remains a persistent hurdle; the two parties previously reached an impasse when SilverCape refused to accept similar terms during discussions over a higher $4-per-share bid submitted last December.

SilverCape executives maintain that their reduced offer still provides a premium over recent market trading prices. They have publicly criticized the current board, alleging a failure to run a coherent sale process or address years of poor stock performance. In response, PetMed reiterated its commitment to pursuing any credible path that maximizes shareholder value, signaling a cautious approach to SilverCape’s aggressive push for a buyout.