Ryan Cohen Sparks GME, BBBYQ Stock Interest With ERP Tweet

InvestorPlace2023-06-28

  • Bed Bath & Beyond (BBBYQ) shareholders are once again speculating that GameStop (GME) Executive Chairman Ryan Cohen may be involved with the company.

  • This follows a tweet from Cohen to SAP (SAP) CEO Christian Klein.

  • BBBYQ stock is down about 85% this year.

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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Comments

  • Guavaxf30
    2023-06-28
    Guavaxf30
    Fooled once, it was a mistake. But to be fooled twice, it will be suicide.
  • Bs777
    2023-06-28
    Bs777
    What a load of Fud and so smartly critical of cohen. We see what you're doing here haha
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