2023-06-22 06:51:10 ET
Overstock.com ( NASDAQ: OSTK ) agreed to buy the intellectual property and digital assets of Bed Bath & Beyond ( OTCPK:BBBYQ ) for $21.5M out of bankruptcy, according to court record.
The sale price is the same as Overstock's ( OSTK ) stalking horse bid fired off on June 8.
Bank of America thinks the pickup of the assets could be a strategic low-cost sales driver for Overstock.com ( OSTK ). Though BB&B’s assets may not be a large revenue driver for OSTK, analyst Curtis Nagle pointed out the deal only represents ~6% of cash for OSTK. He noted that mailing lists, registries, and other customer data could be included in the deal, which could help OSTK with targeting customer acquisition.
The auction for for Bed Bath & Beyond's ( OTCPK:BBBYQ ) Buy Buy Baby business will take place June 28.
Shares of Overstock.com ( OSTK ) rallied 10.88% in premarket action to $23.48 vs. the 52-week trading range of $17.05 to $35.20. Short interest on OSTK stands at 8.12% of the total float.
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Overstock.com pops after landing Bed Bath & Beyond's assets and intellectual property