Barnes & Noble agrees to be bought by an affiliate of Elliott Management for $6.50 a share in an all-cash deal
A Barnes & Noble in Bethel Park, Pa. Photo: maranie staab/Reuters By Patrick Thomas Updated June 7, 2019 7:54 a.m. ET Barnes & Noble Inc. BKS 29.85% agreed to be bought by hedge fund Elliott Management Corp. for $6.50 a share in an all-cash deal valued at about $683 million, including the assumption of debt, the companies said Friday.
The stock closed at $5.96, up 30% on Thursday after the Journal reported that a deal with Elliott could be imminent. Barnes & Noble had a market value of $436 million as of Thursday’s close. Following the close of the transaction, Elliott will own both Barnes & Noble and U.K. book chain Waterstones, which it bought last year. Each bookseller will operate independently. James Daunt, the chief executive of Waterstones, will take over as CEO of Barnes & Noble, the companies said.
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