UPDATE: Bed Bath & Beyond (BBBY) to Acquire Cost Plus (CPWM) for $22/Share in Cash
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(Updated - May 9, 2012 9:07 AM EDT)
Bed Bath & Beyond (Nasdaq: BBBY) to acquire Cost Plus (Nasdaq: CPWM) for $22/share in an all cash deal.
The Boards of Directors of both companies have unanimously approved the terms of the transaction. A special committee of the Cost Plus, Inc. Board of Directors also recommended the transaction following receipt of a fairness opinion from its financial advisor. In addition, Bed Bath & Beyond Inc. has entered into agreements with Red Mountain Capital Partners LLC and Stephens Investment Holdings LLC, the two largest shareholders of Cost Plus, Inc. pursuant to which each shareholder has committed to tender all of their shares, which in aggregate comprise approximately a 26% interest in Cost Plus, Inc., into the offer, subject to certain conditions.
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Bed Bath & Beyond (Nasdaq: BBBY) to acquire Cost Plus (Nasdaq: CPWM) for $22/share in an all cash deal.
The Boards of Directors of both companies have unanimously approved the terms of the transaction. A special committee of the Cost Plus, Inc. Board of Directors also recommended the transaction following receipt of a fairness opinion from its financial advisor. In addition, Bed Bath & Beyond Inc. has entered into agreements with Red Mountain Capital Partners LLC and Stephens Investment Holdings LLC, the two largest shareholders of Cost Plus, Inc. pursuant to which each shareholder has committed to tender all of their shares, which in aggregate comprise approximately a 26% interest in Cost Plus, Inc., into the offer, subject to certain conditions.
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