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.
Aramark Holdings Corp (NYSE: ARMK) shares closed at about $38.77 on Monday, marking a modest…
S&P Global (NYSE: SPGI), a leading provider of financial intelligence solutions, reported strong earnings growth…
Fiserv Inc. (NASDAQ: FISV) reported its fourth quarter 2025 earnings results today. Revenue increased 1%…
Incyte achieved total revenue of $5.14 billion for the full year 2025, a 21% year-over-year…
CVS Health Corporation (NYSE: CVS) reported record full-year 2025 consolidated revenues of $402.1 billion, a…
Healthcare solutions company CVS Health Corporation (NYSE: CVS) on Monday reported an increase in revenues…