Borders eyes Barnes & Noble bid
Hedge fund manager William Ackman says he's prepared to help Borders buy its rival book chain.
By Jeanine Poggi, TheStreet
Ackman's Pershing Square Capital Management said it would fund an offer of $16 per share for the book chain Barnes & Noble, valuing the deal at about $963.2 million. The bid would represent a 20.5% premium over Barnes & Noble's closing price on Friday of $13.38.
Borders and Barnes & Noble have been struggling to compete as readers turn to the Internet and electronic readers.
Barnes & Noble's stock was surging 17% to $15.50 this morning, while Borders' shares were advancing 21% to $1.31.
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[BRIEFING.COM] The stock market ended the Wednesday session on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed.
Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com ... More
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