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Bed Bath & Beyond Soars as Merger Rumors Swirl

Investing.com

Investing.com - Bed Bath&Beyond (NASDAQ:BBBY) surged on Thursday on an unconfirmed report that the retailer is looking to explore potential takeover bids.

Online publication The Deal said the retailer has hired Goldman Sachs (NYSE:GS) to help seek out potential suitors. In addition, The Deal said the company has received "conditional offers" for its Cost Plus World Market business and subsidiaries as part of "a broad auction process."

Shares jumped nearly 12%.

Despite the gain, Bed Bath and Beyond is down 16% year to date, with interim CEO Mary Winston recently quoiting as saying: "The company has not kept pace with how the customer has evolved and how consumers shop today."

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The shares fell 48.5% in 2018.

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