Why would a spinoff make it worth that much more?
If buy buy is sold that would bring in a big dividend to shareholders. Right now Buy buy is a better business and perceived to have value. Bed bath’s problems such as cash flow drags buy buy down and they’re worth less together than the value of each separately.
Aside from that, each has a better chance of succeeding independently. The management will be split and able to focus on just their store, and without the challenges that the other brings.
Look at how L Brands spun off Victoria’s Secret from bath and body works. BBW was a great business and overall investors are way ahead after the spinoff. Even VS, the unwanted brand, is at a higher market cap than its proposed sale price that fell through.