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.
Colgate-Palmolive Company (NYSE: CL) reported fourth quarter 2022 earnings results today. Net sales increased 5% year-over-year to $4.62 billion. Organic sales growth was 8.5%. Net income attributable to Colgate-Palmolive Company was
Chevron Corporation (NYSE: CVX) reported fourth quarter 2022 earnings results today. Total revenues and other income were $56.4 billion compared to $48.1 billion in the year-ago period. Net income attributable
American Express Company (NYSE: AXP) reported fourth quarter 2022 earnings results. Consolidated total revenues net of interest expense were $14.2 billion, up 17% from a year ago. Net income was