Archive for the ‘Barnes and Noble for sale’ tag
Liberty Media bid to purchase 70% of B&N in trouble? no comments
Liberty Media has been in negotiations to purchase 70 percent of Barnes & Noble for $17 per share. Today the New York Post is reporting that those talks might be in trouble or possibly even have fallen apart completely. B&N’s stock price is down about 5 percent on the news.
Update: There are conflicting reports that the negotiations are still ongoing. The WSJ reports that Liberty Media is trying to put together financing for the deal.
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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.
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Borders to buy Barnes & Noble? no comments
Shares of Barnes & Noble have been up as much as 19 percent today on news that fund manager Bill Ackman is willing to back the purchase of B&N by competitor Borders. Borders share prices were also up today on the news.
Ackman is the founder and CEO of Pershing Square Capital Management LP, which owns 37 percent of Borders. In an SEC filing he said that he is willing to pay $16 per share for B&N.
Source – MarketWatch
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Barnes & Noble May Be Up for Sale 2 comments
Pssst! Wanna buy a bookstore chain? The NYT is reporting that the board of directors of Barnes & Noble is contemplating selling the company. Possibly to an investor group led by Leonard Riggio, chairman and founder and largest stockholder. Apparently this is because the board feels that the stock is “significantly undervalued.”
Should owners of NOOK ereaders be worried? I think not; digital reading is the future and B&N is on that train for the long haul. The introduction of the NOOK ereader and Barnes & Noble’s digital reading initiatives have made the company much stronger and vastly improved its chances of survival. This is not Borders.
