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.