Barnes & Noble Moves Ahead with Possible Sale of Company
With the battle over board seats behind it, Barnes and Noble is moving ahead with a process to explore the sale of the company.
It is still early for that process, but I am told that roughly 20 firms have signed or have indicated they will sign confidentiality agreements.
Preliminary indications of interest are due in about a month and will be followed by management presentations for those firms that indicate an interest in bidding.
As for potential bids, bankers caution that the equity check for any deal (and it is expected to be almost entirely a private equity audience) would have to be in the billion dollar range.
While Leonard Riggio is expected to throw his hat in the ring with a potential bidding group, I am told no such discussion towards that end have yet commenced.
Any deal, were it to materialize, is not expected until the end of the year at the earliest.
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