Monday, December 06, 2010 7:30:24 AM
Borders holders willing to fund Barnes & Noble bid
Some shareholders of Borders willing to fund a bid for rival bookseller Barnes & Noble
On Monday December 6, 2010, 7:24 am
NEW YORK (AP) -- Key shareholders of Borders Group Inc. say they are willing to finance a takeover bid for rival bookseller Barnes & Noble Inc.
The Borders shareholders, including Pershing Square Capital Management LP, Pershing CEO William Ackman and BGP Holdings Corp., said Monday in a regulatory filing that they would be willing to fund an offer of $16 per share in cash for Barnes & Noble.
With about 60.2 million shares outstanding, that would value Barnes & Noble at about $963.2 million.
Such a bid would be a 20.5 percent premium over Barnes & Noble's closing price Friday of $13.38 a share.
Both Borders and Barnes & Noble have struggled as they have tried to keep pace with discounters and online competitors.
Some shareholders of Borders willing to fund a bid for rival bookseller Barnes & Noble
On Monday December 6, 2010, 7:24 am
NEW YORK (AP) -- Key shareholders of Borders Group Inc. say they are willing to finance a takeover bid for rival bookseller Barnes & Noble Inc.
The Borders shareholders, including Pershing Square Capital Management LP, Pershing CEO William Ackman and BGP Holdings Corp., said Monday in a regulatory filing that they would be willing to fund an offer of $16 per share in cash for Barnes & Noble.
With about 60.2 million shares outstanding, that would value Barnes & Noble at about $963.2 million.
Such a bid would be a 20.5 percent premium over Barnes & Noble's closing price Friday of $13.38 a share.
Both Borders and Barnes & Noble have struggled as they have tried to keep pace with discounters and online competitors.
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