New York, January 15, 2006--Pier 1 Imports Inc., may become a buyout target because its share price has fallen 50 percent in ten months, according to the business weekly Barron's.
According to Barron's, Pier 1's stock may now be cheap enough to entice a buyout, and the weekly said talk is circulating that Pier 1 has hired an investment bank to look at alternatives. The company denies that they've hired an investment bank, but Barron's alleges that industry talk suggests otherwise.
Pier 1 stock, which was trading at $19.50 in March, 2005, closed at $9.20 on the NYSE Friday, Barron's said.
