Bed Bath & Beyond Reports Cooperation Agreement with Ryan Cohen
Mar 25, 2022 By MarketDepth
Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported entry into a cooperation agreement with Ryan Cohen and RC Ventures LLC. Harriet Edelman, independent Chair of the Board, said: “We are pleased to have reached this constructive agreement with RC Ventures, which we believe to be in the best interest of all our shareholders. Over the past two years, our Board has transformed the Company’s governance, management team, compensation policies, and oversight of strategy and operations. Under this Board’s leadership, the Company has implemented consequential changes to our business, including the divestiture of multiple non-core assets and a significant increase in investments in structurally critical enablers of our business. The Board is highly committed to fundamentally reshaping Bed Bath & Beyond for our customers while driving growth and profitability across its banners. We look forward to benefitting from the contributions and perspectives of our new directors.”
“Our Company and Board have always been committed to evaluating all options to maximize long-term shareholder value, and we look forward to integrating our new directors’ ideas to drive our continued transformation. Our buybuy BABY business is a tremendous asset, and we are committed to unlocking its full value. As we move forward, our goals will continue to focus on delivering value for our shareholders, enhancing experiences for our customers, executing on the transformation throughout our business, and creating new and exciting opportunities for our dedicated employees across all our banners.”
Mark Tritton, Bed Bath & Beyond’s President and CEO
Mr. Cohen concluded: “The resolution announced today represents a positive outcome for all of Bed Bath’s shareholders. By refreshing the Board with shareholder-designated individuals who possess capital markets acumen and transaction experience, the Company is well-positioned to review alternatives for buybuy BABY. I appreciate that management and the Board were willing to promptly embrace our ideas and look forward to supporting them in the year ahead.”
