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Barnes & Noble founder Leonard Riggio hopes to “purchase all of the assets of the retail business of Barnes & Noble” as the bookseller struggles in a difficult bookselling environment.
The company offered a brief statement, but will not provide more commentary until a committee has evaluated the proposition or a deal is struck. Here’s more from the official company release:
The process of evaluating a proposal and negotiation of any transaction will be overseen by a Strategic Committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is Chair of the Strategic Committee. The Strategic Committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor. There can be no assurance that the review of Mr. Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the Strategic Committee’s review.
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As we previously noted, Liberty Media Corporation, a company chaired by entrepreneur John C. Malone, has submitted a proposal to bid for Barnes & Noble. The offer of $17 per share appraises the company valuation at $1.02 billion. Last week a New York Times article speculated on why Liberty bid for Barnes & Noble.
Here’s more from the article: “So far, most of the reasons given for the interest in Barnes & Noble center on its e-reader, the Nook. Mr. Malone implied that the Nook was a primary reason for Liberty Media’s bid at the company’s shareholder meeting on Monday. Though exact figures are unavailable, Barnes & Noble captured as much as 27 percent of the e-book market with its Nook, according to a Goldman Sachs report.”
The article also offered the theory that Borders’ bankruptcy has also influenced Malone’s offer. Borders’ struggles helped eliminate competition on the brick and mortar side of the business. What do you foresee for the bookseller’s future? (via Publishers Weekly)
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Barnes & Noble began seeking buyers in August, but has yet to seal the deal. According to Reuters, the company stock price hit a two-and-a-half year low at the beginning of this week.
Chairman Leonard Riggio has said in the past that he would consider assembling an investment team to buy the company. In the article, retail analyst Mike Souers speculated that this kind of private takeover might be the only buying option.
Earlier this year, the bookseller suspended its quarterly dividend payments and made staff lay-offs. Last September, the company survived a courtroom board battle.
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