Pier 1 withdraws bid for Cost Plus

FORT WORTH, Texas Pier 1 Imports announced it has withdrawn its proposal to acquire all the outstanding shares of Cost Plus common stock.

The company said that it has concluded that "it is unlikely that [it] would be able to acquire a majority interest in Cost Plus at a price that would make sense for [its] shareholders."

The company noted that it still felt a merger between Pier 1 and Cost Plus would create significant value for the stakeholders of both companies.