Fans of Bed Bath & Beyond (OTCMKTS:BBBYQ) stock seem to be grasping at straws in response to a tweet from GameStop (NYSE:GME) Executive Chairman Ryan Cohen to SAP (NYSE:SAP) CEO Christian Klein:
Christian, after purchasing a very expensive ERP system, I have been trying to get in touch with you and being ignored.
— Ryan Cohen (@ryancohen) June 26, 2023
Back in April, speculation rose that Cohen could once again become entwined with Bed Bath & Beyond following a cryptic tweet that detailed his phone call with “once a great American brand.” Since then, there has been no confirmation concerning his involvement with the company.
In 2022, Cohen pulled off a fantastic BBBY trade involving common stock and call options that netted him $59 million before brokerage fees. Bed Bath plunged lower following the disclosure of the sale, angering shareholders in the process.
BBBYQ Stock: Speculation of Ryan Cohen Involvement Remains
Following Cohen’s enterprise resource planning (ERP) tweet, shareholders were quick to speculate about a connection to BBBYQ. One of the quote tweets in response to Cohen’s post includes a screenshot of Bed Bath manager Richard Lang’s LinkedIn profile. The screenshot shows that Lang liked a post about SAP’s Sapphire 2023 event. Meanwhile, another response to Cohen’s post speculates that he could have purchased SAP’s ERP system for Bed Bath entirely. In 2021, the now-bankrupt company announced that it had selected Oracle (NYSE:ORCL) as its ERP provider.
At this point, Cohen’s involvement with Bed Bath seems highly unlikely. Last week, Overstock (NASDAQ:OSTK) was announced as the winning bidder for Bed Bath’s intellectual property (IP) and digital assets. The online retailer won the auction with its stalking horse bid of $21.5 million. The winning stalking horse bid, which acts as an initial bid that cannot be undercut, implies that no other party bid above $21.5 million for the assets. A hearing to decide on court approval for Overstock’s winning bid will be held today.
Bed Bath’s brick-and-mortar locations were not included in the winning bid, nor was its Buy Buy Baby subsidiary. On June 28, a court hearing will be held to decide the fate of Buy Buy Baby’s assets, which have received heavy interest. Online baby registry company Babylist was previously named as a suitor to acquire some of Buy Buy’s assets. Based on the latest information, Cohen has not submitted a bid for Bed Bath or any of its entities.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
