Thursday, June 20, 2019

Can James Daunt Save Barnes & Noble from Oblivion?

U.K.-based hedge fund Elliott Advisors announced earlier this month that it will acquire the flailing Barnes & Noble bookstore chain in an all-cash transaction valued at $683 million, including debt. That breaks down to $6.50 per share.

The once-powerhouse U.S. bookseller will now become private after being publicly-traded since 1993. Elliott also owns Waterstones, Britain’s biggest bookstore chain, which it acquired in June 2018. This new deal brings together the largest booksellers in the U.S. and the United Kingdom. Barnes & Noble operates 627 U.S. locations and Waterstones has 293 bookshops in the UK, Ireland, The Netherlands and Belgium.. . . more