Shareholders who bought B&N stock in late 2018 when shares were trading for as low as $4.11 should be pleased.
Catching up with PW's Andrew Albanese
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This week, bookseller chain Barnes & Noble issued a formal tender offer to shareholders supporting the acquisition bid from Elliott Capital Advisors at $6.50 per share in an all-cash transaction.
The same filing revealed that non-trade channel book distributor Readerlink had made its own offer at a higher price and was eventually rejected.
“That offer was rejected over financing concerns, as well as fears of a potentially complex regulatory review,” reports Andrew Albanese, Publishers Weekly senior writer.
As for the Elliott offer, Albanese suggests that shareholders, “think fast—the offer will expire on August 6.
“The B&N filing does suggest that the sale is on its way to completion,” he tells CCC’s Chris Kenneally. “A lot of shareholders will not be happy with that price, though some shareholders will do OK, particularly those who bought the stock last year, when it was trading for as low as $4.11.”
Every Friday, CCC’s “Beyond the Book” speaks with the editors and reporters of “Publishers Weekly” for an early look at the news that publishers, editors, authors, agents and librarians will be talking about when they return to work on Monday.
