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] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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