Cost Plus renews defensive stock plan   

By Staff -- Home Textiles Today, 6/27/2008 1:10:00 PM

Oakland, Calif. – In the wake of the (now withdrawn) takeover bid by Pier 1 Imports, the board of directors of Cost Plus Inc. has renewed its preferred shares rights agreement through June 2013.

The agreement had been set for expiration on June 30, 2008. The board said it will undertake, on an annual basis, a review of whether or not to redeem the rights.

The 295-store specialty retailer said the plan is “an effective means to guard against the potential use of coercive takeover tactics, including the accumulation of shares in the open market or through private transactions, and to prevent an acquirer from gaining control of Cost Plus without offering a fair and adequate price and terms to all of Cost Plus’ shareholders.”