STREAMING NOW: Watch Now

Once a book selling giant, Barnes & Noble sold to hedge fund

Shares jumped 11% before the opening bell Friday.

Posted: Jun 7, 2019 10:53 AM

NEW YORK (AP) - The beleaguered bookseller Barnes & Noble is being acquired by a hedge fund for $476 million.

The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online competitors. Independent bookstores have also persisted in the face of digital publishing.

The company said in October that it might put itself up for sale.

Barnes & Noble said Friday that it's being acquired by Elliott Management for $6.50 per share, an approximately 9% percent premium to the company's Thursday closing stock price. Elliott bought the U.K. bookseller Waterstones in June 2018.

The sale, valued at about $683 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders.

Shares jumped 11% before the opening bell Friday.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

New York Coronavirus Cases

County data is updated nightly.

Confirmed Cases: 419642

Reported Deaths: 32760
CountyConfirmedDeaths
New York City22725823567
Suffolk436811998
Nassau435802194
Westchester361361447
Rockland13925674
Orange11129491
Erie8791671
Monroe4901285
Dutchess4589153
Onondaga3556200
Albany2573128
Oneida2129115
Ulster204991
Niagara149198
Sullivan148848
Putnam144663
Broome111569
Schenectady105537
Rensselaer75930
Saratoga75217
Columbia53537
Madison41217
Ontario35734
Warren30733
Orleans29754
Steuben29742
Fulton29324
Greene29118
Genesee2775
Herkimer2704
St. Lawrence2634
Washington25614
Oswego2513
Chautauqua2499
Wayne2493
Tompkins2330
Chenango2156
Tioga19325
Livingston1748
Montgomery1704
Chemung1683
Cattaraugus1646
Cayuga1512
Jefferson1400
Clinton1274
Otsego1165
Wyoming1165
Delaware1044
Cortland950
Seneca873
Allegany791
Schoharie690
Yates567
Essex550
Franklin540
Lewis390
Schuyler220
Hamilton80
Unassigned00
Utica
Clear
72° wxIcon
Hi: 82° Lo: 62°
Feels Like: 72°
Oneonta
Clear
64° wxIcon
Hi: 80° Lo: 61°
Feels Like: 64°
Herkimer
Clear
72° wxIcon
Hi: 84° Lo: 62°
Feels Like: 72°
Thendara
Clear
69° wxIcon
Hi: 79° Lo: 58°
Feels Like: 69°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Click here to learn more about A Healthier Mohawk Valley
Ask EPLC Sweepstakes
Saluting Those Who Are Proud 2 Serve
Senior Send-Off brought to you by Herkimer College
WKTV Golf Card - Under 150 left