NEW YORK--(BUSINESS WIRE)--
Barnes & Noble, Inc. (NYSE: BKS) today issued a response to a
Sandell Asset Management proposal that was published today in the Wall
Sandell proposed a transaction to take Barnes & Noble private for
approximately $650 million. Sandell‘s proposal would require debt
financing of $500 million and require shareholders, including Chairman
Leonard Riggio, who owns an 18% stake, to roll their shares over into a
new private entity controlled by Sandell.
The Company does not take Sandell's proposal as bona fide in that
Sandell is the beneficial owner of 1 million common Barnes & Noble
shares worth approximately $7 million, Mr. Riggio has no intention of
rolling his shares into such a transaction, and the Company believes a
debt financing of $500 million is highly unlikely.
The Company will make no further comments on the matter.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE:BKS) is the nation's largest retail
bookseller, and a leading retailer of content, digital media and
educational products. The Company operates 632 Barnes & Noble bookstores
in 50 states, and one of the Web's premier e-commerce sites, BN.com (www.bn.com).
The Nook Digital business offers a lineup of popular NOOK® tablets and
eReaders and an expansive collection of digital reading and
entertainment content through the NOOK Store®. The NOOK Store features
more than 4.5 million digital books in the US (www.nook.com),
plus periodicals and comics, and offers the ability to enjoy content
across a wide array of popular devices through Free NOOK Reading Apps™
available for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained by visiting
the Company's corporate website at www.barnesandnobleinc.com.
BKS - Financial
View source version on businesswire.com: http://www.businesswire.com/news/home/20171116006361/en/
Barnes & Noble, Inc.
Ellen Keating, 212-633-3323
Senior Vice President
& Noble, Inc.
Andy Milevoj, 212-633-3489
Relations and Corporate Finance
Source: Barnes & Noble, Inc.
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