Pier One Drops Bid For Cost Plus

Pier 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'.

To read the full article, please choose one of the following options: