Finance / United States
Pier One Drops Bid For Cost Plus
June 2008 | In The NewsPier 1 Imports has dropped its unsolicited bid on June 25 for retailer Cost Plus. Pier 1 made a US$88.4mn all-stock deal for Cost Plus on June 6. The offer was rejected by the retailer who stated that the offer was both 'distracting and ill-timed given the difficult retail environment.' Yet, on June 20 Pier 1's CEO Alex Smith still supported the deal and commented that it would be a 'marriage made in heaven'.
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