June 7, 2019 Comments Off on Barnes & Noble Taken Private for $683M in All-Cash Deal Views: 1141 National News

Barnes & Noble Taken Private for $683M in All-Cash Deal

Barnes & Noble will be taken private in an all-cash acquisition valued at $6.50 per share or roughly $683 million, including the assumption of debt. The buyer is Paul Singer’s Elliott Management via its UK affiliate, Elliott Advisors.

The acquisition concludes a strategic review process that the bookseller commenced last October. Over the past five years, Barnes & Noble has lost $1 billion in market value due in large measure to competition from Amazon, CNBC reported.

Elliott Advisors also owns Waterstones, which operates 293 bookshops primarily in the UK. Waterstones’ CEO, James Daunt, will take the reins of Barnes & Noble post-acquisition, although the two companies will be operated independently.

“Physical bookstores the world over face fearsome challenges from online and digital,” said Daunt. “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.”

Read more at BusinessWire

Connect With Barnes & Noble

Subscribe to Connect Daily National

For comments, questions or concerns, please contact Paul Bubny

Tags: ,

Comments are closed.

Send this to a friend