Barnes & Noble, the one-time bookselling giant that
many blamed for the demise of independent bookstores
before it was in turn ravaged by
Amazon.com, is being acquired by
a hedge fund for $476 million.
The chain of 627 stores in all 50
states said Friday that it’s being
acquired by Elliott Management
for $6.50 per share, a nearly 42%
percent premium to the company’s
closing stock price on Wednesday.
The stock traded for more than $18 four years ago.
Elliott also bought the U.K. bookseller Waterstones in
June 2018. Waterstones CEO James
Daunt will also be CEO at Barnes &
Noble.
Barnes & Noble, based in New
York, traces its origin to a bookstore
opened by Charles M. Barnes in
Wheaton, Illinois in 1873.
Shares of Barnes & Noble closed
up 11% at $6.62 on Friday.