Barnes and Noble ia it going out of business? Like Sears, going the way of, the Dodo?
- NeverLv 71 year agoFavorite Answer
You think they are paying half a billion to go out of business?
Barnes & Noble Inc said on Friday it would be bought by hedge fund Elliott Management Corp for $475.8 million, marking the end of the once-dominant U.S. book retailer as a public company after years of falling sales.
Shares in the largest U.S. bookstore chain rose 11%, after ending up 30% on Thursday when reports of a potential deal surfaced.
Listed on the New York Stock Exchange since 1993, Barnes & Noble has struggled to grow its business since the arrival of Amazon.com Inc turned the book sales market on its head.
Even the company's recent efforts to pull in a more tech-savvy audience with its Nook e-book reader failed to compete with Amazon's Kindle and other tablets.
Elliot's offer of $6.50 per share, represented a premium of about 42% to Wednesday's close, the day before media reports of a potential transaction first surfaced.
Barnes & Noble has been exploring options for a buyout since at least last October, with multiple parties showing interest including founder-chairman Leonard Riggio.
- Anonymous1 year ago
It's getting bought out. Barnes & Nobles has a few things going for it right now, so it's not closing anytime soon.