Barnes and Noble Reported $1 B bid from Liberty Media

Discussion in 'Nook' started by crenita, May 19, 2011.

  1. crenita

    crenita Member

    Joined:
    Jan 6, 2011
    Messages:
    172
    Likes Received:
    12
    Trophy Points:
    87
    Location:
    Florida
    Tablet / Device:
    Nook Color
    Barnes & Noble reports $1B bid from Liberty Media - Sacramento Business, Housing Market News | Sacramento Bee

    shares jumped more than 24 percent in extended trading after the company announced the potential deal. The offer values Barnes & Noble shares 21 percent higher than their Thursday closing price of $14.11.
    The companies haven't yet signed an agreement, and the deal is still subject to closing conditions, including one that founding chairman Leonard Riggio keep a stake in the company and remain in a management position, Barnes & Noble said.


    -
     
  2. J515OP

    J515OP Super Moderator Staff Member

    Joined:
    Jan 6, 2011
    Messages:
    5,172
    Likes Received:
    898
    Trophy Points:
    312
    Location:
    Northern CA
    Tablet / Device:
    Nook Color, Nook Tablet 16GB, Vizio VTab, Nexus 7
    Nice find. Interesting to see the bidder "owns stakes in home-shopping network QVC, movie channel operator Starz LLC and satellite radio company SirusXM Radio Inc." That would make an interesting line up with a distribution sources (QVC) and movie and music content services.

    JP
     
  3. crenita

    crenita Member

    Joined:
    Jan 6, 2011
    Messages:
    172
    Likes Received:
    12
    Trophy Points:
    87
    Location:
    Florida
    Tablet / Device:
    Nook Color
    Now it is official.. got this email this morning :

    Andy Milevoj
    Director of Investor Relations
    Barnes & Noble, Inc.
    (212) 633-3489
    amilevoj@bn.com


    Barnes & Noble Board of Directors Announces Proposal from Liberty Media To Acquire Company

    Proposal Contingent on Participation of Founding Chairman Leonard Riggio


    New York, NY (May 19, 2011)-Barnes & Noble, Inc. (NYSE: BKS), today announced that the Special Committee of its Board of Directors has received a proposal from Liberty Media to acquire the Company at a price of $17 per share in cash. The proposal is subject to, among other things, the signing of a definitive purchase agreement, customary closing conditions, such as the receipt of regulatory and shareholder approvals, and receipt of acceptable debt financing. The proposal states that it is contingent on the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management.

    The Special Committee of the Board of Directors formed in connection with the Company's review of strategic alternatives will evaluate this proposal and its financial advisors will be Lazard Freres & Co., LLC. Counsel to the Special Committee is Morris, Nichols, Arsht & Tunnell LLP, and counsel to the Company is Cravath, Swaine & Moore, LLP.

    The Company cautions its shareholders and others considering trading in its securities that the proposal from Liberty Media has not yet been evaluated by the Special Committee and its advisors. There can be no assurance that any definitive offer to acquire the Company will be made, or if made what the terms thereof will be, or that this or any other transaction will be approved or consummated. The Company does not intend to comment further regarding this proposal or the Company's evaluation of strategic alternatives, unless a specific transaction is recommended by the Special Committee.


    ABOUT BARNES & NOBLE, INC.
     
  4. BoloMKXXVIII

    BoloMKXXVIII Senior Member

    Joined:
    Jul 27, 2010
    Messages:
    65
    Likes Received:
    2
    Trophy Points:
    180
    Location:
    Somewhere on or near Earth
    Tablet / Device:
    NC 1.1.0 Zeam, Button Savior
    It seems the deal is likely to go through. It is doubtful it will significantly impact our current NC or the soon-to-be-released replacement. I can see a QVC icon showing up soon on un-hacked NCs. Having Starz available (along with Netflix) wouldn't be bad either. It is probably a good time to sell. The NC has been a winner for B&N but there is plenty of competition with a lot more coming in the next 12 months.
     
  5. pbrauer

    pbrauer Administrator Staff Member

    Joined:
    Sep 24, 2010
    Messages:
    3,649
    Likes Received:
    561
    Trophy Points:
    312
    Location:
    Edina, MN USA
    Tablet / Device:
    HTC Thunderbolt, ViewSonic GTab, Huawei S7, Gentouch 78
    Netflix already offers the same videos as Starz, so that partnership is in place. I personally believe that this is pretty much the wave of the future, where we are going to see some contraction of vendors to provide streaming and electronic media across formats (movie, books, music) now that we are finally getting to the place where there are single devices that can consume everything (say what you want about iTunes, reading an ebook on an iTouch/iPhone was terrible!).
     
  6. crenita

    crenita Member

    Joined:
    Jan 6, 2011
    Messages:
    172
    Likes Received:
    12
    Trophy Points:
    87
    Location:
    Florida
    Tablet / Device:
    Nook Color
    well looks like there may be OTHERS that are looking at buying Barnes and Nobles.. keep your fingerscrossed it is GOOGLE

    Barnes & Noble buyer? Investors read between the lines on announcement


    The deal priced Barnes & Noble 21% higher than its closing stock price on Thursday. Its shares shot even beyond that price, hinting that investors think other bidders could offer more. They jumped 30% to end the day at $18.33.
    Liberty has stakes in home shopping retailer HSN and Sirius XM Radio and the deal with Barnes & Noble gives it about 70% ownership in the book seller. Barnes & Noble founder Leonard Riggio started the chain in 1965 with one college bookstore in Greenwich Village.

    Liberty MEDIA has Ownership or totally owns : QVC, Provide Commerce, Backcountry.com, Celebrate Interactive, Bodybuilding.com, Evite, and Expedia, (2) the Liberty Starz group which includes Liberty Media's interest in Starz, LLC, and (3) the Liberty Capital group which includes all businesses, assets and liabilities not attributed to the Interactive group or the Starz group including its subsidiaries BRAVES: Atlanta National League Baseball Club, Inc., and TruePosition, Inc., Liberty Media's interest in SiriusXM Radio,Inc., and minority equity investments in Time Warner Inc




     
    Last edited: May 21, 2011

Share This Page