Barnes & Noble to be acquired by Elliott in all-cash deal worth $683 mln
Barnes & Noble Inc. BKS, +29.85% 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, including the assumption of debt. Elliott, which bought UK bookstore chain Waterstones last year, will pay $6.50 per Barnes & Noble share, equal to a 43% premium over Barnes & Noble's stock price on June 5, the day before rumors of a deal were first reported.
But they will have the same chief executive in James Daunt, who will apply the model that has helped turn around Waterstones in the last ten years. "Physical bookstores the world over face fearsome challenges from online and digital," Daunt said in a statement. "We meet these with investment and with all the more confidence for being able to draw on the unrivalled bookselling skills of these two great companies." The deal is expected to close in the third quarter.
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