Post by sdsichero on Jun 7, 2019 19:26:11 GMT
Yeah some people don't like Barnes & Noble, but it is pretty much the only bookstore chain we have left here in Hawaii. I'm afraid it will go like Toys R Us did.
Rumors that surfaced Thursday that the private equity firm Elliot Advisors was close to acquiring Barnes & Noble proved true, as the two companies announced Friday morning that they had entered into a definitive agreement under which Elliott will acquire America’s largest bookstore chain for $6.50 per share. The all-cash transaction is valued at about $683 million.
This is Elliott’s second purchase of a major bookstore chain in little over a year. In April 2018, it bought the U.K. chain Waterstones. When the B&N purchase is completed, expected to be in the third quarter of the 2019, James Daunt, CEO of Waterstones, will take over as B&N CEO as well. In the release announcing the deal, Elliott said that while each bookseller will operate independently, “they will share a common CEO and benefit from the sharing of best practice between the companies.” B&N will remain based in New York.
This is Elliott’s second purchase of a major bookstore chain in little over a year. In April 2018, it bought the U.K. chain Waterstones. When the B&N purchase is completed, expected to be in the third quarter of the 2019, James Daunt, CEO of Waterstones, will take over as B&N CEO as well. In the release announcing the deal, Elliott said that while each bookseller will operate independently, “they will share a common CEO and benefit from the sharing of best practice between the companies.” B&N will remain based in New York.
