Pier 1 Imports (NYSE:PIR) confused investors today as the stock rose almost 23% on no news. The rise prompted the NYSE to notify the company of "unusual trading activity" and encourage them to issue a press release. The company subsequently said that its policy is to not comment on rumors or unusual trading activity. However, Reuters recently shed some light on the situation, reporting today that Jakup Jacobsen is preparing to make a bid for the entire company, citing sources close to the situation. On September 21st, we noted in an article on SECInvestor that Jacobsen had signed a confidentiality agreement and speculated that the two parties might pursue a buyout agreement. With a 9.8% stake in the company and detailed financials, this buyout remains a very distinct possibility. Combined, these factors make this stock definitely one worth keeping an eye on.

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