Cost Plus renews defensive stock plan   

By Staff -- Home Textiles Today, 6/27/2008 1:10:00 PM

Oakland, Calif. – In the wake of the (now withdrawn) takeover bid by Pier 1 Imports, the board of directors of Cost Plus Inc. has renewed its preferred shares rights agreement through June 2013.

The agreement had been set for expiration on June 30, 2008. The
board said it will undertake, on an annual basis, a review of whether
or not to redeem the rights.

The 295-store specialty retailer said the plan is “an effective
means to guard against the potential use of coercive takeover tactics,
including the accumulation of shares in the open market or through
private transactions, and to prevent an acquirer from gaining control
of Cost Plus without offering a fair and adequate price and terms to
all of Cost Plus’ shareholders.”