A home store famous for its liberal return policy better hope it doesn't get buyer's remorse on its latest acquisition.
Chances are Bed Bath & Beyond won't be able to return Oakland's Cost Plus. The company announced Wednesday that it was purchasing Cost Plus in an all-cash transaction.
Under the deal ratified by both company's board of directors, Bed Bath & Beyond will pay an undisclosed sum for Cost Plus and offer $22 per share for all outstanding common stock.
"We are thrilled about the prospects of welcoming the Cost Plus team and their customers and vendors to the Bed Bath & Beyond family," Bed Bath & Beyond CEO Steven H. Temares said in a statement. "Through the combination of the highly talented Cost Plus organization with our own dedicated associates, we expect to be able to do even more for, and with, our collective customers."
The deal is expected to close during Bed Bath & Beyond's fiscal second quarter. The deal is not dependent on outside financing.
Bed Bath & Beyond did not say whether it plans to close stores of if jobs will be impacted by the take over.