Pier 1 Abandons Cost Plus Bid

Well, it looks like a few of Counter Culture’s readers are breathing a sigh of relief.

Pier 1 Imports has decided not to pursue its $81-million offer to acquire Cost Plus World Market just a couple weeks after the latter’s management called the deal “distracting and ill-timed.”

But in Pier 1’s press release announcing the termination of its offer, management still contends that: “the combination of Pier 1 Imports and Cost Plus would create significant value for the stakeholders of both companies.”

Are you surprised the deal didn’t go through?


2 Responses to “Pier 1 Abandons Cost Plus Bid”

  1. 1 Chris June 26, 2008 at 8:16 am

    Is it just me or was Pier 1 pretty tactless? Why would you insult a company and expect them to sell it to you on your terms?

  2. 2 Nancy H June 26, 2008 at 11:38 am

    Exactly! Pier One’s approach was sort of like “we are so totally bitchen, but in spite of your inferiority we’ve decided to grace you with this opportunity to hang out with us.” Did they really expect Cost Plus to be flattered by their offer? No, I am not surprised Cost Plus declined, and certainly not disappointed. Cost Plus is the better store, by far. More interesting products, more variety, better (happier) employees, more fun to shop in. Seems that Pier One has become “Smear One” in their endeavor to eliminate their competition and save their own skins.

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