By Denny JacobOverstock.com shares rose 17% to $24.75 after successfully bidding on Bed Bath & Beyond's assets for $21.5 million. The stock, which is up 28% on the year, is on pace for its largest percentage increase since Feb. 24, 2022, when it rose over 18%. The online shopping site's bid includes all of the retailer's business intellectual property, business data and mobile platform, among other acquired assets. The Wall Street Journal earlier reported Bed Bath & Beyond was fielding interest from Overstock.com for the intellectual property behind the main company banner, citing people familiar with talks. After years of losses and an acute cash crunch, Bed Bath & Beyond filed for bankruptcy in April.

Source: Wall Street Journal June 23, 2023 00:38 UTC