It looks as though Linens 'n Things
You could hear the collective "Whew!" from shareholders as they bid up shares more than 10% in pre-market trading, to $26.50, closing in on the $28-per-share buyout price.
There had been a lot of consternation and doubt that the company would be able to jump over the hurdles that Apollo had placed before it. Sales have been dwindling all year long, and the equity group's original bid of $30 a share was withdrawn earlier this year, when more restrictive covenants could not be met. Even so, it's not assured that Linens 'n Things will have passed the test until it completes its year-end audit and files its financial statements. Until then, it looks like a nail-biter.
The home-housewares sector has entered rough seas this past month. Motley Fool Stock Advisor selection Bed Bath & Beyond
A lot of the churning waters can be attributed to discount retailers such as Target
The home-decor retailer still isn't getting the respect one would expect from a company that is in the midst of a merger and has announced that it should meet the conditions of the agreement. Even with the price jump Wednesday morning, the stock is sitting where it was when the buyout was announced. At least for the time being, the $1.3 billion deal is still on the table.
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