Barnes & Noble Chairman proposes to buy company's retail assets

theflyonthewall.com

Barnes & Noble Chariman Leonard Riggio disclosed that he notified the company's board that he plans to propose to purchase all of the assets of the retail business of the company. The retail business would include, among other things, Barnes & Noble Booksellers, and barnesandnoble.com; and would exclude NOOK Media LLC. Riggio plans to make the proposal in order to facilitate the company’s evaluation of its previously announced review of strategic options for the separation of its investment in NOOK Media LLC. The purchase price would be negotiated with the board and its advisors. The purchase price is currently contemplated to be comprised primarily of cash consideration and the assumption of certain liabilities of Barnes & Noble. Riggio said he would provide the equity financing for the transaction and undertake to arrange any debt financing required for the transaction. Shares of Barnes & Noble moved up 3.5%, or 48c, to $13.99 in pre-market trading.

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