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Barnes & Noble says it did not get any other bids before Elliott's deadline

Key Points
  • Barnes & Noble says it has not received any other offers from prospective bidders before Elliott Management's "keep-shop" deadline.
  • Investor Richard Schottenfeld said Thursday the bookstore chain is worth more than Elliott's recent offer and he may engage in discussions with the company's board for its sale.
  • The U.S. bookstore chain has been exploring options for a buyout since last October, with multiple parties showing interest, including founder-chairman Leonard Riggio.
A Barnes & Noble bookstore in New York.
Scott Mlyn | CNBC

Barnes & Noble said on Friday it had not received any other offers from prospective bidders before Elliott Management's "keep-shop" deadline.

Elliott, which offered $475.8 million to take the bookstore retailer private, had a provision that allows the hedge fund to be entitled to a payment of up to $4 million if the retailer struck a deal with a third party before the deadline. Thereafter, the breakup fee will be $17.5 million.

"I can confirm that we received no other bids before last night's (Thursday) 11:59 PM (ET) deadline," a spokeswoman for Barnes & Noble said.

Barnes & Noble investor Richard Schottenfeld said on Thursday the bookstore chain is worth more than Elliott's recent offer and he may engage in discussions with the company's board for its sale.

The U.S. bookstore chain has been exploring options for a buyout since last October, with multiple parties showing interest, including founder-chairman Leonard Riggio.

Barnes & Noble has been struggling to grow sales at its bookstores, as consumers shift to other hobbies or prefer to order books from online stores like Amazon.

Shares of the bookstore chain were down 2.6% at $6.7 in morning trading.

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Retail

Elliott Management to acquire Barnes & Noble for $683 million

Key Points
  • Activist firm Elliott Management announced Friday it plans to acquire bookseller Barnes & Noble for roughly $683 million, including debt.
  • Within the past five years, Barnes & Noble has lost more than $1 billion in market value.
  • Elliott acquired Britain's biggest bookseller, Waterstones, last year