Borders eyes Barnes & Noble bid

Hedge fund manager William Ackman says he's prepared to help Borders buy its rival book chain.

By TheStreet Staff Dec 6, 2010 11:11AM

Money books © gulfimages / Getty ImagesBy Jeanine Poggi, TheStreet

 

Hedge fund manager William Ackman is interested in helping Borders Group (BGP) buy rival Barnes & Noble (BKS), according to a filing on Monday.

 

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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