UNION, N.J. (AP) -- Bed Bath & Beyond Inc. says shareholders of smaller rival Cost Plus Inc. tendered a majority of their stock under a tender offer that expired Thursday.
The home goods seller said Friday that about 20.8 million shares representing about 92 percent of Cost Plus' outstanding stock were tendered. The company currently has approximately 22.5 million outstanding shares, according to FactSet.
Bed Bath & Beyond announced the $495 million acquisition in May. Cost Plus, based in Oakland, Calif., sells home furnishings, accessories, food and wine through World Market and Cost Plus World Market stores.
Bed Bath & Beyond runs stores under its own name and the Christmas Tree Shops, buybuy Baby, Harmon and Home & More banners. Earlier this month, Bed Bath & Beyond said it is buying textile seller Linen Holdings LLC for $105 million.
Cost Plus will become a Bed Bath & Beyond subsidiary and will stop trading on the Nasdaq the first business day after the deal closes.
Bed Bath & Beyond previously warned that acquisition-related costs would hurt its expected second-quarter earnings per share of 97 cents to $1.03 by several cents.
Analysts predict second-quarter earnings of $1.03 per share, according to FactSet.
The Union, N.J., company still expects fiscal 2012 earnings to climb by a high single-digit to low double-digit percentage rate. This includes results from Cost Plus.
Shares of Bed Bath & Beyond gained $2, or 3.4 percent, to $61.64 in midday trading. The stock has traded in a 52-week range of $48.75 to $75.84.
