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, and predicting more offers will come. 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 30.2 percent at $18.37 in morning trading, surpassing Liberty's bid and suggesting that investors believe other offers may be forthcoming or that Barnes & Noble shareholders will demand more. Barnes & Noble, which has faced years of declining print book sales, put itself up for sale in August, saying its shares were undervalued.
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 fell by 2.28% or $-0.41/share to $17.56. 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 751461.
Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS traded higher by 30.19% or $4.26/share to $18.37. 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 4970238.
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