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Cohen Gets Three Board Seats in Deal With Bed Bath & Beyond

  • Two directors to join committee for options for baby business
  • It ends retailer’s second activist fight in three years
Shopping carts outside a Bed Bath & Beyond store in Louisville, Kentucky, U.S..

Shopping carts outside a Bed Bath & Beyond store in Louisville, Kentucky, U.S..

Photographer: Luke Sharrett/Bloomberg
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Bed Bath & Beyond Inc. has reached an agreement with activist investor Ryan Cohen that will see three independent directors appointed to the retailer’s board, sending shares up as much as 8%.

The new board members were chosen by Cohen’s RC Ventures, according to a statement confirming an earlier Bloomberg News report. Two of the three members will also join a special committee to weigh strategic alternatives for Buybuy Baby, an asset which the activist had identified to potentially be sold. The special committee had already been formed in January, according to a person familiar with the matter.