Barnes & Noble Issues Response to Sandell Proposal
November 16 2017 - 2:15PM
Business Wire
Barnes & Noble, Inc. (NYSE: BKS) today issued a
response to a Sandell Asset Management proposal that was published
today in the Wall Street Journal.
Sandell proposed a transaction to take Barnes & Noble
private for approximately $650 million. Sandell‘s proposal would
require debt financing of $500 million and require shareholders,
including Chairman Leonard Riggio, who owns an 18% stake, to roll
their shares over into a new private entity controlled by
Sandell.
The Company does not take Sandell’s proposal as bona fide in
that Sandell is the beneficial owner of 1 million common Barnes
& Noble shares worth approximately $7 million, Mr. Riggio has
no intention of rolling his shares into such a transaction, and the
Company believes a debt financing of $500 million is highly
unlikely.
The Company will make no further comments on the matter.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE:BKS) is the nation's largest
retail bookseller, and a leading retailer of content, digital media
and educational products. The Company operates 632 Barnes &
Noble bookstores in 50 states, and one of the Web's premier
e-commerce sites, BN.com (www.bn.com). The Nook Digital business
offers a lineup of popular NOOK® tablets and eReaders and an
expansive collection of digital reading and entertainment content
through the NOOK Store®. The NOOK Store features more than 4.5
million digital books in the US (www.nook.com), plus periodicals
and comics, and offers the ability to enjoy content across a wide
array of popular devices through Free NOOK Reading Apps™ available
for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained
by visiting the Company's corporate website at
www.barnesandnobleinc.com.
BKS - Financial
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version on businesswire.com: http://www.businesswire.com/news/home/20171116006361/en/
Media:Barnes & Noble,
Inc.Mary Ellen Keating, 212-633-3323Senior Vice PresidentCorporate
Communicationsmkeating@bn.comorInvestors:Barnes & Noble, Inc.Andy
Milevoj, 212-633-3489Vice PresidentInvestor Relations and Corporate
Financeamilevoj@bn.com
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