Bed Bath & Beyond soars 20% on report activists launching fight to throw out entire board

FAN Editor

Bed Bath & Beyond rocketed about 20 percent higher Tuesday morning following a report that three different activists are trying to replace its entire 12-person board.

The sharp move higher comes after the Wall Street Journal reported that Legion Partners Asset Management, Macellum Advisors and Ancora Advisors will try to leverage their collective 5 percent stake to prepare to launch a proxy fight at the big-box retailer.

The stock was poised for its best day since April 2009; nearly 33 percent of the equity is sold short.

Raymond James upgraded the stock in light of the news, with analyst Bobby Griffin writing that “within the foreseeable future, Bed Bath & Beyond may either no longer be a public company or on a journey to go private.”

This story is developing. Please check back for updates.

Free America Network Articles

Leave a Reply

Next Post

Senate to hold vote on "Green New Deal" resolution -- live updates

The Senate is expected to vote Tuesday afternoon at 4:00 PM to begin debate on a sweeping resolution to combat climate change, the Green New Deal, which was introduced by freshman Rep. Alexandria Ocasio-Cortez, of New York, and Massachusetts Senator Ed Markey.  Senate Majority Leader Mitch McConnell, of Kentucky, is […]