Breakingviews
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A dog walks in the snow during a nor easter storm amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., December 17, 2020. REUTERS/Carlo Allegri
NEW YORK (Reuters Breakingviews) - Just as every dog has its day, every business model has its SPAC. Barkbox, best known for subscription boxes filled with toys and treats for the family pooch, is going public through a so-called special-purpose acquisition company at a $1.6 billion valuation. It’s smart to pounce on the opportunity created by the petcare boom, and by blank-check companies that create an alternative to traditional initial public offerings. But another company, Chewy, already guards Barkbox’s market like an 800-pound Great Dane.