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 major indices are looking to hold the line on the downside. They aren't at their lows for the day, but they are close.
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The American Family Association is asking shoppers to avoid the chain because the holiday isn't mentioned in advertising.