and relocating to smaller spaces that receive a fresh and modern look. Part of the bookseller's turnaround plan has included closing some of its more than 600 stores across the U.S.
Barnes and noble stock free#
Riggio has entered into a voting agreement in support of the transaction, the company said Friday.Īs a private company, Barnes & Noble will likely be more free to make the changes and investment that can be unwieldy under a public spotlight. In search of a turnaround, Barnes & Noble said last year it was exploring a sale after having received "expressions of interest" from "multiple parties," including its chairman, Leonard Riggio, who founded the company in 1965. Within the past five years, Barnes & Noble has lost more than $1 billion in market value.Īmazon holds nearly half of new book sales, a report by audience research Codex Group said last year, while Walmart has about 4.2 percent of the market Its shares had fallen roughly 25% year to date before the news leak. Still, analysts said Friday they view Elliott's bid for Barnes & Noble as fair and don't anticipate a higher bid from another party.īarnes & Noble has faced continued pressure from Amazon and independent booksellers. Part of investor enthusiasm may have stemmed from a "keep-shop" provision that allows the bookseller to strike a better deal before end of day June 13 without penalty. News of the deal sent the stock up more than 10% on Friday to a high of $6.70 per share.
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