Pier 1 Withdraws Offer to Buy Cost Plus
Fort Worth, Texas Pier 1 Imports Inc. said Tuesday it is withdrawing its offer to buy Cost Plus Inc. for $88 million, according to Associated Press.
Pier 1 said it was unlikely it would be able to buy the company at a price that would make sense for its shareholders.
Pier 1 offered to buy Cost Plus earlier this month in a stock swap transaction. In the proposal, Pier 1 said it would issue 0.6 shares of its common stock for each share of Cost Plus common stock, implying a value of $4 per share.
Last week, Cost Plus’ board of directors rejected Pier 1’s offer, saying it was not in the best interest of the company or its shareholders.
Generate names senior vp of integrated sales
LOS ANGELES Generate, a next-generation entertainment studio that produces premium content targeted at young audiences across all media platforms, announced that Peggy Mansfield has joined the company as senior vp of integrated sales.
In her new role, Mansfield will be responsible for initiating marketing partnerships, soliciting sponsorships and negotiating deals related to development projects, online, television and mobile productions, and live events for Generate.
Mansfield was most recently the associate publisher at Entertainment Weekly responsible for overseeing all aspects of sales development, marketing, events, promotions, research and creative services for the brand’s print and online properties.
Blockbuster.com to accept PayPal payments
DALLAS Blockbuster announced that it is now accepting PayPal as a means of making purchases on blockbuster.com and as such is offering PayPal customers $10 cash back for signing up for a new online rental subscription at blockbuster.com through August 31.
Initially, blockbuster.com customers will be able to use PayPal as a payment method for their online movie rental subscriptions, but eventually, they will be able to use PayPal as a payment option for all their other transactions on the site, including purchases of new and previously viewed DVDs, BLOCKBUSTER GiftCards and blockbuster.com gift subscriptions. PayPal will also be a payment option for customers who want to rent or purchase digital movies through blockbuster.com’s movie downloading service, which will be available later this summer.