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Last Updated ( Wednesday, 09 May 2012 15:00 )
DATE_FORMAT_LC2=Wednesday,May 09 2012 12:00:00 am EDT   
Bed Bath & Beyond Inc. To Acquire Cost Plus, Inc.

bed bathUnion, NJ and Oakland, CA — Bed Bath & Beyond Inc. and Cost Plus, Inc. have entered into a definitive agreement under which Bed Bath & Beyond Inc. will acquire Cost Plus, Inc. in an all-cash transaction. Bed Bath & Beyond Inc. has agreed to buy all outstanding shares of Cost Plus, Inc. common stock at a price of $22 per share, followed by a merger in which all shareholders that have not tendered would receive the same consideration.

The boards of directors of both companies have unanimously approved the terms of the transaction.

"We are thrilled about the prospects of welcoming the Cost Plus team and their customers and vendors to the Bed Bath & Beyond family," says Steven H. Temares, CEO and member of the board of directors of Bed Bath & Beyond Inc.

Barry J. Feld, CEO of Cost Plus, Inc., says: "Our successful merchandising and product collaborations over the last 2 years have demonstrated that our organizations work well together and that we can make key contributions to the continued success of the combined company."

cost plusThe acquisition is expected to close during Bed Bath & Beyond Inc.'s fiscal second quarter.

Goldman, Sachs & Co. is acting as financial advisor and Proskauer Rose LLP as legal advisor to Bed Bath & Beyond Inc. Peter J. Solomon Company is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to Cost Plus, Inc.

Bed Bath & Beyond Inc. and subsidiaries is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. In addition, the company is a partner in a joint venture which operates retail stores in Mexico under the name "Home & More."

Cost Plus, Inc., which will continue to be headquartered in Oakland, Calif., following the transaction, is a leading specialty retailer of casual home furnishings and entertainment products in the U.S. The company currently operates 259 stores under the names World Market, Cost Plus World Market, Cost Plus Imports, and World Market Stores in 30 states.



 



 

SOURCE: Bed Bath & Beyond Inc.
 

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