Bed Bath surges on activist challenge to replace whole board [Business News Network (BNN) Energy & Resources (Canada)]
Bed Bath & Beyond Inc. (BBBY)
Last bed bath & beyond inc. earnings: 4/15 04:15 pm
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Source: Business News Network
Bed Bath surges on activist challenge to replace whole board Bed Bath & Beyond Inc. (BBBY.O) soared as much as 25 per cent in early trading on news that activist investors plan to challenge the home-goods retailer’s directors in a proxy fight. Three activist funds are launching a campaign to replace the entire 12-person board amid concerns that the retailer is not responding well to the rise of e-commerce, according to people familiar with the matter. The trio of funds -- Legion Partners Asset Management LLC, Macellum Advisors and Ancora Advisors LLC -- control about a 5 percent stake in the Union, New Jersey-based retailer and are seeking to replace Chief Executive Officer Steven Temares, according to the people, who asked not to be identified discussing a private matter. When contacted for comment, the company said in an emailed statement that it is “open to the views of our shareholders and value constructive input focused on enhancing value.” Bed Bath & Beyond shares climbed to $1
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