Liberty Media Corp's (LINTA.O) offer for Barnes & Noble Inc (BKS.N) undervalues the largest U.S. bookstore chain, analysts said, citing its success in the growing digital book business and the bankruptcy of its biggest rival. Barnes & Noble said late on Thursday that Liberty Media had offered $17 per share, or $1.02 billion, and that a special board committee would look at the bid. The company's shares were up 31.6 percent at $18.57 in premarket trading on Friday. Janney Capital Market analyst David Strasser said the $17 offer was "inadequate."
Liberty Media Corporation is a holding company, and through its subsidiaries, is engaged in the video and online commerce, media, communications and entertainment industries. Shares of LINTA remained unchanged at $17.97. In the past year, the shares have traded as low as $10.08 and as high as $18.65. On average, 4283870 shares of LINTA exchange hands on a given day and today's volume is recorded at 0.
Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS remained unchanged at $14.11. In the past year, the shares have traded as low as $8.45 and as high as $20.45. On average, 1313520 shares of BKS exchange hands on a given day and today's volume is recorded at 484682.
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