Now-bankrupt retailer Bed Bath & Beyond (OTCMKTS:BBBYQ) may finally have its final resting place of sorts, and it may come as a surprise for BBBYQ stock fans: Overstock.com (NASDAQ:OSTK). The online retailer just placed a $21.5 million bid for Bed Bath’s assets as its stalking horse bidder.
According to court filings released today, Overstock placed a bid in an attempt to buy Bed Bath’s former assets, business data and intellectual property (IP). Now, Bed Bath, or a rival bidder, has until June 20 to object to Overstock’s bid, or place a rival bid by Friday. After this point, assuming that no rival bid has been posed, Overstock’s stalking horse will become the floor for the Bed Bath auction, which is expected to take place on June 21.
OSTK stock investors seem to be rather pleased with this news. As of this writing, Overstock shares are up more than 3%.
What else do you need to know about Bed Bath lately?
BBBYQ Stock Falls on Overstock Stalking Horse
Despite OSTK stock’s rise, BBBYQ stock — even after being delisted from major exchanges — is having a rough day. The bankrupt once-upon-a-time retailer is down more than 4% today on over-the-counter (OTC) markets.
While Overstock.com’s bid will grant the company access to its online data and mobile properties, the offer doesn’t include Bed Bath or Buy Buy Baby store locations, which are currently in the midst of liquidation sales.
As it stands, Bed Bath reportedly has 480 retail locations divided between its namesake and infant specialty stores. It’s unclear what the end fate of the retailer will be once the auction is concluded.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
