Fort Worth, TX, November 15, 2006--Home furnishings retailer Pier 1 Imports Inc. said the New York Stock Exchange has notified the company of "unusual trading activity" in its stock after shares surged more than 20 percent Tuesday.
The NYSE has requested a response from the company, but Pier 1 said in a statement that its policy "is not to comment on market rumors or speculation, including unusual market activity."
Shares of Pier 1 gained $1.30, or 20.6 percent, to close at $7.62 after Reuters, citing sources familiar with the matter, reported that Danish investor Jakup Jacobsen is preparing a bid to take full control of the chain. The stock made the bulk of its gains after midday as trading volume mushroomed to about 9.7 million from a daily average of about 1.6 million.
Jacobsen operates a home furnishings retailer in Iceland and owns a minority stake in Pier 1.
