Tuesday, November 14, 2006

Reports Jakup Jacobsen Preparing to Bid for Pier 1 Imports (PIR)

According to reports from Reuters, Danish retail magnate and 9.8% holder Jakup a Dul Jacobsen is preparing make a bid for Pier 1 Imports Inc. (NYSE: PIR).

Previously, Pier 1 provided confidential financial data to Jacobsen and several other parties to consider a possible transaction.

In early October, Pier 1 said to date it has received one preliminary indication of interest, but the entity submitting that indication of interest subsequently advised Pier 1 it would not continue further discussions with Pier 1 regarding a possible transaction. Pier 1 said it couldn't make a prediction if a deal will be reached with the remaining entities.

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