A board committee of B&N, which controls 28 percent of the e-book market with its Nook e-reader (see "TUOL" posts 4/25/11, 2/9/10), will review the proposal, which would require shareholder and regulatory acceptance. Credit Suisse gave its thumbs-up to the offering, saying that B&N would strongly compete with digital competitors Amazon (which makes the Kindle e-reader) and Apple with the financial backing of Liberty Media.
Liberty Media's $17 a share offer to B&N represents a 20 percent premium to shareholders based on the bookstore chain's closing stock price yesterday. The Englewood, Colo.-based Liberty would control 70 percent of B&N and current B&N chair Leonard Riggio would have a 30 percent equity stake in the enterprise under Liberty's proposed acquistion, according to Bloomberg News.
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