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


Reuters

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


June 14 (Reuters) - Barnes & Noble Inc 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.

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.com Inc .

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






This article appears in: Stocks , Technology
Referenced Symbols: AMZN ,



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