Barnes & Noble has a buyer—who agreed to pay the $476 million price tag

Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as much as 11 percent to $6.61 on Friday. They had surged 30 percent on Thursday on news that Elliott was close to a deal. Elliott, run by the billionaire Paul Singer, has experience in the book business. It acquired Waterstones, a U.K. book retailer, last year. James Daunt, chief executive officer of Waterstones, will also become CEO of Barnes & Noble. Elliott will keep the chains operating independently but the brands will “share a common CEO and benefit from the sharing of best practice between the companies.” Including debt, the deal is valued at $683 million, according to the companies. It’ll be funded by a $700 million asset-based revolving credit facility from Wells Fargo Bank and Bank of America, as well as a $125 million first-in, last-out credit facility backed by a Carlyle Group credit unit, a Pathlight Capital fund and Wells Fargo, according to regulatory filings. The deal also includes a $30 million breakup fee, the filings show. Barnes & Noble, with more than 600 stores, has tried strategies such as offering food and coffee and selling non-book merchandise, but has failed to stem the onslaught of Amazon.com Inc. Along the way, it’s weathered self-inflicted... Continue reading at 'Advertising Age'

[ Advertising Age | 2019-06-07 16:16:58 UTC ]
News tagged with: #retail chains #$476 million #$683 million #bloomberg intelligence #—bloomberg news

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[ Editor & Publisher | 2012-03-09 00:00:00 UTC ]
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[ PC World | 2012-03-09 00:00:00 UTC ]
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[ Los Angeles Times | 2012-03-08 00:00:00 UTC ]
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[ BBC World | 2012-03-08 00:00:00 UTC ]
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[ Editor & Publisher | 2012-03-07 00:00:00 UTC ]
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[ Engadget | 2012-03-05 00:00:00 UTC ]
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[ The Bookseller | 2012-02-20 00:00:00 UTC ]
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[ The Bookseller | 2012-02-13 00:00:00 UTC ]
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[ Folio Magazine | 2012-02-09 00:00:00 UTC ]
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[ The Bookseller | 2012-02-06 00:00:00 UTC ]
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[ Editor & Publisher | 2012-01-23 00:00:00 UTC ]
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