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Monday, February 25, 2013

Barnes & Noble chairman to bid for company's retail assets, (NYSE: BKS)

Barnes & Noble Inc Chairman Leonard Riggio has told the board he plans to purchase the retail assets of the company including Barnes & Noble Booksellers Inc and, but excluding the Nook digital reader business, sending the company's shares up 25 percent before the bell.The purchase price is expected to comprise mainly cash and include the assumption of certain debt, Riggio, who owns nearly 30 percent of Barnes & Noble, said in a regulatory filing on Monday. ())Barnes & Noble shares closed at $13.51 on the New York Stock Exchange on Friday, valuing the company at about $809 million.Riggio said he would provide the equity financing and arrange any debt financing for the deal.

Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS remained unchanged at $13.51. In the past year, the shares have traded as low as $10.45 and as high as $26.00. On average, 1469490 shares of BKS exchange hands on a given day and today's volume is recorded at 29350.