As expected, Indigo shareholders voted to approve the sale of the Canadian bookselling chain to Trilogy Investments, formalizing a plan that was set in motion in February. “We are pleased with the result of today’s vote and look forward to continuing our work on Indigo’s transformation strategy,” CEO Heather Reisman said in a release. “We remain deeply committed to our customers and to all our stakeholders as we work together to inspire reading and enrich the lives of booklovers across the country.” The deal is expected to be effective on May 31 after regulatory approval.
M&A
Greenhaven Capital Discloses “Preliminary” Efforts to Make Competing Refinancing Offer for Barnes & Noble Education
Greenhaven Capital disclosed in an SEC filing that as of March 29 it acquired a 9.9 percent stake in Barnes & Noble Education, and that it has been engaged in an ongoing series of discussions about presenting a competing offer for injecting capital into the ailing company. Greenhaven indicates in the filing that it had made multiple preliminary and non-binding proposals to the BNED board for a recapitalization of the company — some in conjunction with pre-existing investor Outerbridge Capital Management — ahead of the deal announced on April 16 led by Immersion Corporation. On April 11, Greenhaven tried to […]
Abrams Acquires Taunton Books
Just months after the Taunton Press was sold to Active Interest Media last December, the new owners have sold off the Taunton Books imprint, to Abrams. AIM ceo Andrew Clurman said in the announcement, “After a review of the business and competitive landscape, it made sense for a larger trade industry player to be the home for the Taunton Books division. We feel that Abrams is the right fit and can provide focus on this business, allowing Active Interest Media to concentrate on its core competencies, producing consumer and trade magazines, websites, events, and education. We are working closely with […]
S&S to Acquire Holland’s VBK, Furthering International Growth Strategy
Simon & Schuster has agreed to acquire VBK (Veen Bosch & Keuning), the largest publisher in the Netherlands, in an all-cash transaction. The deal is subject to regulatory approval in the Netherlands. This will be the first time S&S has owned a non-English language publisher, fulfilling its “long-cherished international ambitions.” In a memo to staff, S&S CEO Jonathan Karp wrote, “In the months since we became a standalone, independent publishing company, I have repeatedly stated that international publishing will be one of the key areas of growth for Simon & Schuster…. In joining with VBK, we believe that together we […]
Barnes & Noble Education Is Saved By Unlikely New Investor and Current Lenders
Barnes & Noble Education announced on Tuesday a complicated plan to raise new capital to keep the company going. The unlikely new lead investor is Immersion Corporation, a publicly-listed “developer and licensor of touch feedback technology, also known as haptic technology,” which “has been accused of being a patent troll.” Immersion has a market cap of about $225 million. Immersion “leads” an investor group that will put $50 million of new capital into BNED along with a $45 million “fully backstopped equity rights offering.” About $20 million of that new money will go to transaction costs, leaving BNED with $75 […]
Mondadori to Acquire Chelsea Green Publishing for $5 Million
Mondadori announced Monday that it has a deal to acquire employee-owned Chelsea Green Publishing, for $5 million, subject to adjustment at closing, which is expected in by the middle of the year. For 2022, the publisher had sales of $8.1 million and an operating income of $1.1 million. Chelsea Green will become part of Rizzoli International Publications. Mondadori says that represents “a further step on its international development journey in English-speaking markets, which recently began with the establishment of London-based Rizzoli UK.” When the acquisition is completed, co-founder Margo Baldwin will take the role of publisher emeritus, as Stefano Peccatori […]