After investor buys 9.9%, Pier 1 announces debt offering
February 8, 2006,
Fort Worth, Tex. – Pier 1 Imports aims to sell $150 million of convertible debt, the company announced yesterday following the news that an investor had acquired nearly 10% of its shares.
In September 2005, SEC filings show Jacobsen had purchased 9.9% of Linens ’n Things shares through the same two companies.
Pier 1 management is reportedly making the debt offer as a takeover-blocking maneuver, according to financial analysts at UBS Investment Bank, which most recently upgraded its rating of the $1.9 billion retailer to “neutral.”
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