Overstock.com Inc. (NASDAQ:OSTK) shares shot up in pre-market trading after it won the auction to buy Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s intellectual and digital assets for $21.5 million.
The Midvale, Utah-based internet retailer’s stalking horse bid set the floor the in bankruptcy-run auction, according to CNBC, which first reported on the auction results. It didn’t receive any higher bids.
Overstock will buy BBBY’s brand name, business data, and digital assets but the deal doesn’t include stores open, the court documents said.
The sale still needs to be approved at a hearing.
Bed Bath & Beyond chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets, with the auction set to take place on June 28, CNBC reported.
The retailer filed for bankruptcy in April after several failed attempts at a turnaround.
Overstock’s shares were 15% higher at $24.16 ahead of the market opening.
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