logo-loader
Retail & consumerRetail
Barnes & Noble Inc

Barnes & Noble stock soars on $683 million acquisition by owner of UK's Waterstones

Elliot Advisors, which owns Waterstones bookstores, will pay $6.50 per share, a 41% premium over B&N’s Wednesday close

Barnes & Noble store
Barnes & Nobles operates 627 stores in all 50 states

Barnes & Noble Inc (NYSE:BKS) shares are flying off the shelves after the company announced a $683 million acquisition deal that will bring together the largest booksellers in the US and UK.

Elliot Advisors Limited, which owns Waterstones bookstores, will pay $6.50 per share, a 41% premium over B&N’s Wednesday close.

The share price jumped nearly 30% Thursday afternoon when reports of the deal first surfaced and climbed another 11% to $6.64 Friday afternoon as the move became official.

READ: Barnes & Noble weighs sale after receiving interest from multiple parties

Waterstones CEO James Daunt will assume the same position at Barnes & Noble once the deal is closed. He’ll be taking over an operation that operates 627 stores in all 50 states.

“We are pleased to have reached this agreement with Elliott, the owner of Waterstones, a bookseller I have admired over the years,” founder and Chairman Leonard Riggio said. “In view of the success they have had in the bookselling marketplace, I believe they are uniquely suited to improve and grow our company for many years ahead..”

Waterstones owns 293 stores in the UK and elsewhere in Europe. It was bought by Elliot in April 2018.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Barnes & Noble Inc

Price: $6.49

Market: NYSE
Market Cap: $475.11 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Sarama Resources is well funded with an interesting project...

Sarama Resources (CVE: SWA) CEO Andrew Dinning sat down with Steve Darling from Proactive Vancouver to discuss the company and its' 100% owned South Houndé Project which is located situated in the prolific Houndé Belt. Dinning talked about the work that has been done there in the past and...

5 hours, 43 minutes ago

2 min read