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.
Finance
BNED Stock Is A Screaming Meme
Barnes & Noble Education is in the process of being recapitalized and taken over by Immersion Corporation, with support from a few major lenders and stockholders, after failing to make money for years and piling up debt. But recent news of some unsuccessful maneuvering by Greenhaven Capital coupled with the recent return of RoaringKitty and meme stock fever has turned BNED shares into a surprising meme roller coaster of its own. The movement is inflamed by a general misunderstanding of the pending takeover and the company’s weak position, along with additional misunderstanding of the company’s historical connection to the other Barnes […]
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 […]
Acquisitions: Arcadia Publishing Acquires Dry Climate Studios
Arcadia Publishing has acquired Dry Climate Studios, an independent press that publishes picture and board books spotlighting cities, states, and regions across the US. Co-founder of Dry Climate Maria Kernahan will become a freelance writer and art director for the imprint. “Exploring the places that families across the country hold dear is at the heart of what we do at ACB,” said Arcadia’s publishing director of children’s books, Nancy Ellwood in a release. “Dry Climate’s beautiful books fit perfectly into our list, and we are delighted to bring them on board!”
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 […]