Categories Earnings, Retail, U.S. Markets News

Barnes & Noble stock rises on acquisition agreement with Elliot

Shares of Barnes & Noble Inc. (NYSE: BKS) were up over 11% in morning hours on Friday after the company announced that it was being acquired by Elliot Advisors Limited for approx. $683 million, including debt.

The $6.50 per share, all-cash transaction is expected to close in the third quarter of 2019, and the purchase price represents a 43% premium to the 10-day volume weighted average closing share price of Barnes’ common stock as of Wednesday, June 5.

The decision was taken following a strategic alternative review and the board approved the transaction unanimously. Following the deal, James Daunt will become the CEO of Barnes & Noble. Daunt is currently CEO of Waterstones, the largest bookseller in the UK, which was acquired by Elliot last year, and he will oversee both entities.

Barnes & Noble has been dealing with tough competition and has lost a chunk of its market value over the years. The deal with Elliot is expected to help turn the company’s performance around while dealing with the challenges in the book retail space.

Barnes & Noble also declared a quarterly cash dividend of $0.15 per share, payable on August 2 to shareholders of record on July 5, 2019.

The company’s shares had fallen over 28% before news of the deal was announced.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%

Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss

Key metrics from Nike’s (NKE) Q2 2025 earnings results

NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net

FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips

Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top