The new proposal marks a significant retreat from SilverCape’s previous $4-a-share bid submitted last December. In a letter to the board, the investment firm attributed the price cut to the pet pharmacy's continued deterioration and criticized directors for failing to engage with acquisition interest or facilitate a transparent sale process.

SilverCape is now urging the board to enter formal negotiations, arguing that transitioning the company to private ownership offers the most viable path to recovering value for shareholders after years of stagnant performance.