PetMed Express, Inc. (PETS) is having quite the week. Shares continued their climb in Wednesday's premarket session after closing Tuesday with a nearly 36% gain, thanks to an unexpected takeover bid that's got investors buzzing.

The action centers on an unsolicited all-cash proposal from Cardone Ventures, which offered $4.25 per share to acquire the entire company. That puts the online pet pharmacy's equity value at approximately $89 million.

The Proposal Breakdown

Cardone Ventures sent its proposal directly to PetMed Express's board, and here's what makes it interesting: there's no financing contingency attached. That signals Cardone has the capital lined up and believes it can actually close this thing. The offer covers all outstanding shares.

So what does Cardone see in a pet pharmacy? According to the firm, PetMed's national platform, established customer relationships, fulfillment network, and regulatory know-how would all be more valuable under private ownership. Cardone thinks it can apply its acquisition playbook and operating discipline to boost execution, profitability, and long-term growth.

"PetMed Express has built a trusted brand and valuable operating infrastructure," said Brandon Dawson, Co-Founder and CEO of Cardone Ventures. He added that the firm's scaling approach could strengthen performance and unlock value over time.

The Fine Print

Before anyone gets too excited, remember this proposal is nonbinding. That's deal-speak for "we're interested but haven't committed to anything yet." The parties might not reach a definitive agreement, and even if they do, the deal could still fall apart before closing.

PETS Price Action: PetMed Express shares were up 2.82% at $4.00 during premarket trading on Wednesday.