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.
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.
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