Liberty Media makes bid for Barnes & Noble no comments
Barnes & Noble announced today that cable and media conglomerate Liberty Media has made a bid to purchase the company for $17 per share in cash.
From the press release:
The proposal is subject to, among other things, the signing of a definitive purchase agreement, customary closing conditions, such as the receipt of regulatory and shareholder approvals, and receipt of acceptable debt financing. The proposal states that it is contingent on the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management.
The Special Committee of the Board of Directors formed in connection with the Company’s review of strategic alternatives will evaluate this proposal and its financial advisors will be Lazard Freres & Co., LLC. Counsel to the Special Committee is Morris, Nichols, Arsht & Tunnell LLP, and counsel to the Company is Cravath, Swaine & Moore, LLP.
