BJ's Stock Rises on Takeover Speculation
NEW YORK--Speculation of a hostile bid to acquire BJ's Wholesale Club has sent the warehouse club's stock climbing over the past week.
Last week, The New York Post reported that Leonard Green & Partners, a California-based private-equity company, is planning a bid to acquire BJ's. As of the end of trading yesterday, BJ's stock price stood at $47.63, up 6 percent over the closing price on Dec. 27. Reportedly, Leonard Green had disclosed that it had a 9.1 percent stake in BJ's.
The equity firm has holdings in a number of retailers, including Neiman Marcus, Rite Aid, Whole Foods Market and The Container Store. On Dec. 23, it announced a definitive agreement to acquire Jo-Ann Stores, the fabric and crafts retailer, for $1.6 billion.
Requests for comment to both BJ's and Leonard Green were not answered this morning.