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Bed Bath & Beyond Inc.

Bed Bath & Beyond to buy Cost Plus for $495 million

Bed Bath & Beyond to buy Cost Plus for $495 million

Home goods retailer Bed Bath & Beyond Inc. may be adding some international flair to its comforters and kitchen sets with a planned $495-million acquisition of Cost Plus Inc. and the Oakland company’s World Market and Imports chains.

Bed Bath & Beyond, based in Union, N.J., said Wednesday that it had entered a definitive agreement to buy Cost Plus for $22 a share in cash -- a 22% premium above its $17.99 closing price on Tuesday.

The deal will give Bed Bath & Beyond nearly 260 Cost Plus stores, which specialize in international knick-knacks, furniture, wine and food.

The boards of both companies unanimously approved the acquisition, which is...