logo
Plus   Neg
Share
Email

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
Lawyers for the state of Oklahoma urged a judge on Monday to hold Johnson & Johnson (JNJ) responsible for the country's opioid epidemic. Oklahoma Attorney General Mike Hunter, in his closing arguments of the eight-week trial in Cleveland County, called the pharmaceutical company the "Kingpin" behind... Pizza chain Blaze Pizza has announced plans to offer a keto-diet-approved pizza crust, which will only have 6 grams of carbs. The pizza chain will swap flour for ingredients like flaxseeds, eggs, and cheese to offer the first-ever official keto-diet approved pizza. "As the first national chain... Even as Amazon.com Inc. kicked off its Prime Day annual shopping event on Monday, employees are expressing their dissatisfaction with the company. This year's Prime Day, Amazon's biggest celebration of deals, kick-started officially on Monday with more than one million offers for Prime Members in select countries around the world. The 48-hour extravaganza is the longest Prime Day ever.
Follow RTT