Bed Bath & Beyond rocketed about 20 percent higher Tuesday morning following a report that three different activists are trying to replace its entire 12-person board.
The sharp move higher comes after the Wall Street Journal reported that Legion Partners Asset Management, Macellum Advisors and Ancora Advisors will try to leverage their collective 5 percent stake to prepare to launch a proxy fight at the big-box retailer.
The stock was poised for its best day since April 2009; nearly 33 percent of the equity is sold short.
Raymond James upgraded the stock in light of the news, with analyst Bobby Griffin writing that “within the foreseeable future, Bed Bath & Beyond may either no longer be a public company or on a journey to go private.”
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