Bed Bath & Beyond rocketed about 20 percent higher Tuesday morning following a report that three activists are trying to replace the board.
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.
div > div.group > p:first-child"> 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."
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