Proactive Investors - Run By Investors For Investors

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

View full BKS profile View Profile

Barnes & Noble Inc Timeline

Related Articles

Angling Direct
Angling Direct executive chairman Martyn Page said he believes that the prospects for the group are “very positive” as it expands to meet growing demand despite a challenging retail market
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use