The beleaguered bookseller Barnes & Noble is being acquired by a hedge fund for $476 million.
The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online competitors. Independent bookstores have also persisted in the face of digital publishing.Barnes & Noble said Friday that it's being acquired by Elliott Management for $6.50 per share, an approximately 9% percent premium to the company's Thursday closing stock price. Elliott bought the U.K. bookseller Waterstones in June 2018.
The sale, valued at about $683 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders.
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Barnes & Noble to Be Acquired by Elliott Management for $6.50 a ShareBarnes & Noble agreed to be acquired by Elliott Management for $6.50 a share in an all-cash deal valued at about $683 million, including the assumption of debt.
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Elliott Management to acquire Barnes & Noble for $683 millionElliott, the firm founded and led by billionaire Paul Singer, acquired Britain's biggest bookseller, Waterstones, last year. Owning the two book retailing giants could give Elliott synergies and buying leverage with publishers.
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Barnes & Noble to be taken private by Elliott in $683 million dealBarnes & Noble Inc. said Friday it has agreed to be acquired by hedge fund Elliott Advisors UK Ltd. in an all-cash deal valued at about $683 million,...
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Elliott Management reportedly in lead to acquire bookseller Barnes & NobleThe retailer said last year it was exploring a sale after having received 'expressions of interest' from 'multiple parties,' including its Chairman Leonard Riggio, who founded the company in 1965.
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Barnes & Noble Nearing Deal to Be Acquired by Elliott ManagementBarnes & Noble is nearing a deal to be bought by hedge fund Elliott Management, a move that would end the independence of the nation’s largest bookstore chain.
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Barnes & Noble Inc.BKS | Complete Barnes & Noble Inc. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
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