CBS and Viacom formally announced an agreement to merge on Tuesday, putting back together the two divisions that had split at the beginning 2006. Viacom ceo Robert Bakish will lead the combined company, with CBS acting ceo Joe Ianniello remaining in charge of the CBS unit. CBS shareholders will wind up owning about 61 percent…
Finance
Children’s Books Win A Tariff Delay — For Now
In the Trump administration’s ever-changing policy on tariffs for goods imported from China, the United States Trade Representative announced on Tuesday a delay in imposing an additional 10 percent tariff on certain goods — including many electronics — until December 15. They also spared certain products entirely, “based on health, safety, national security and other…
Elliott Advisors Officially Acquires Barnes & Noble
August 6 was the closing date for the tender offer for Barnes & Noble shares, and Elliott Advisors reports that approximately 82 percent of all shares outstanding were tendered. Those shares — and with it the entire BN — are paid for today, August 7, and Barnes & Noble has officially become a “privately held,…
Odd Battle at Barnes & Noble Education Continues; B&N Retail Supplements Disclosure
The investor dispute over Barnes & Noble Education recorded another round of dueling press releases. Agitating investor Bay Capital Finance, which says it currently has beneficial ownership of a modest 25,000 shares in BNED, announced its intention to file a preliminary proxy statement with the SEC to solicit votes for the five people they want…
Quad and LSC Terminate Merger Plan; LSC Gets $45 Million As Stock Plunges Further
Most publishers got what they wanted, for a change: Quad and LSC announced Tuesday morning that they have mutually agreed to terminate their merger agreement rather than wait on the trial scheduled for mid-November in the DOJ’s antitrust suit seeking to block the deal. “The parties have determined that the added delay, uncertainty and cost…
Shareholder Sues Over Barnes & Noble Sale; F+W UK Books Business Sold
Investor Richard Scarantino filed suit in a Delaware Federal Court against Barnes & Noble, seeking class action status on behalf of stockholders, arguing that the company’s tender offer solicitation “omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.” From a Google search, filing lawsuits just like this…