Shares of Overstock (NASDAQ: OSTK) jumped in pre-market trading at the time of publishing on Thursday after the retailer selling primarily furniture won an auction for Bed Bath & Beyond’s (BBBYQ) intellectual property (including the brand name) and digital assets. Overstock will buy these assets for $21.5 billion.
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This deal does not include keeping BBBYQ’s stores open. OSTK’s bid set the floor price at the auction and Bed Bath & Beyond did not receive higher or more attractive bids at the auction.
Analysts are cautiously optimistic about OSTK stock with a Moderate Buy consensus rating based on two Buys and three Holds.