Plus   Neg

Readerlink Works For Higher Offer For Barnes & Noble Than Elliott: WSJ

Book distributor Readerlink LLC is working towards making a higher bid for Barnes & Noble Inc. than that of hedge fund Elliott Management Corp., the Wall Street Journal reported citing a person familiar with the situation.

Barnes & Nobles, a book retailer, last week had entered into an agreement to be bought by Elliott for $6.50 a share, or $475 million in cash. The deal would be worth $683 million including the assumption of debt.

As per the "keep-shop" provision in the agreement, if Barnes & Nobles enters into a deal with a third party before 11:59 p.m ET on June 13, Elliott would be entitled to a payment of up to $4 million. After this, the breakup fee would be $17.5 million.

The report noted that if Readerlink can get financing, it would consider making a bid before the given cutoff date.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Auto giant General Motors' (GM) Chevrolet unveiled its new stunning Corvette Stingray 2020. Stingray 2020, the eighth generation of the Chevrolet Corvette, has received the biggest change since its initial launch in 1953. The new 2020 Corvette is a mid-engine vehicle, which is its engine is behind... Amazon.com's Prime Day has brought a smile to the face of some photographers who may have grabbed their best deals of their lives. The e-commerce giant accidentally discounted a wide range of premium camera gear for Prime Day earlier this week, which may have proved costly for it. Thanks to a pricing error, some lucky customers were able to buy premium camera gear bundles for below $100. Women's clothing chain Dress Barn Inc. said it started store-closing or inventory clearance event sales at the 53 stores it plans to close by the end of August. The company expects to close all its stories by end of 2019. It also released a list of the nine stores closing in July and the stores closing in August. Dressbarn has hired Gordon Brothers Retail Partners to help with the store closures.
Follow RTT