The one-time bookselling giant Barnes and Noble is being acquired by a hedge fund for $476 million.
Taken down by an even bigger threat
The fact that the one-time behemoth accused of putting indie bookstores across the U.S. out of business is now a weak, feeble shadow of itself is little consolation given Amazon.com has shown itself to be even more deleterious to many small publishers and independent bookstores…The Barnes and Noble national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online sellers. Though some independent bookstores have persisted in the face of digital publishing and online book sales from the retail giant, Amazon.com has cast an industry-wide net that will continue to wipe out smaller indie book-related businesses for some time to come.
Barnes and Noble said Friday, June 7 2019 that it’s being acquired by Elliott Management for $6.50 per share, an approximately 9% percent premium to the company’s June 6, 2019 closing stock price. Elliott bought the U.K. bookseller Waterstones one year ago. (Waterstones CEO James Daunt will also take on the role of CEO at Barnes & Noble.)
The sale of Barnes and Noble, valued at about $683 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders. (source: AP)