June 17, 2019

Elliott Advisors Buys Barnes & Noble

09 June 2019, 06:57 | Hattie Nash

Woman drawing large yellow fish eating smaller fish acquisitions

Woman drawing large yellow fish eating smaller fish acquisitions concept

In a statement, the companies said Elliott agreed to pay $6.50 per share in an all-cash transaction, a 43% premium over Barnes & Noble's 10-day weighted average closing share price before news of an imminent deal leaked Thursday.

Elliott Advisors is a United Kingdom based hedge fund that also owns the Waterstones book store chain.

The deal values Barnes & Noble at $6.50 per share and includes the company's debts.

Craig Hallum cut shares of Barnes & Noble (NYSE:BKS) from a buy rating to a hold rating in a report issued on Friday, The Fly reports.

Very likely Barnes & Noble, with its almost 630 stores and Amazon always in the background, will need to shrink some more and keep tinkering with its merchandising, stores and engagement.

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Waterstones CEO James Daunt will also take on the role of CEO at Barnes & Noble.

Barnes & Noble, the troubled U.S. bookseller, is being bought for nearly £540m by the activist investor that also snapped up Waterstones previous year.

Barnes & Noble, like its... The companies said each bookseller would operate independently but would benefit from the sharing of best practices.

"I look forward greatly to working with the booksellers at Barnes & Noble". The company's annual sales have fallen for the past three years.

There are two Barnes & Noble stores in Rockland County.

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The bookseller is being bought by Elliott Management's affiliate, Elliott Advisors (UK) Ltd.

So it may be the end of an era for Barnes & Noble. Waterstones has successfully restored itself to sales growth and sustainable profitability, based on a strategy of investment in their store estate and the empowerment of local bookselling teams, the company stated.

"Physical bookstores the world over face fearsome challenges from online and digital", he said in a statement.

Barnes & Noble has been seeking new ownership for some time, and the board of directors voted unanimously to approve the deal and recommend it to the company's shareholders.

"Our investment in Barnes & Noble, following our investment a year ago in Waterstones, demonstrates our conviction that readers continue to value the experience of a great bookstore", said Paul Best, portfolio manager and head of European private equity at Elliott.

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