You can be forgiven for finding a measure of comedy in each hurry and up wait stage of Borders’ bankruptcy proceedings. Just a few weeks ago Borders was lamenting that their inability to negotiate deadline extensions from landlords was going to force the early closure of some of their “profitable” stores. Now we’ve gone full circle, with multiple landlords complaining about Borders’ rush to finalize an auction of the company, starting with the stalking horse bid from Najafi, or liquidate almost as quickly. The new slow of motions was not unexpected–yesterday was the stipulated deadline for landlords to object, and […]
Finance
Bloomsbury Buys Continuum for $32 Million, Cites “Soft Market” in Interim Statement
Bloomsbury announced that it has bought academic publisher Continuum from Nova/Paul Investments Capital and management shareholders for approximately £20.1 million (or $32 million) in cash. In a statement the company’s board said it “has been looking for a transformational acquisition to act as the cornerstone of its Academic & Professional division.” Continuum marks the sixth academic publisher Bloomsbury has bought over the past five years, and for the first time it provides a New York-based academic publishing office, with its own editorial and marketing team. Continuum forecasts EBITA of £0.6 million for the year ending June 30 on sales of […]
Riggio Returns Malone’s Praise, and BN Stock Rises
After John Malone’s praise for Len Riggio and Barnes & Noble from Sun Valley, ID, Riggio added similar remarks yesterday, saying he “couldn’t think of a better partner than John Malone and a finer group of executives than the team at Liberty.” The combination lifted Barnes & Noble shares back to well above Liberty’s opening offer of $17 a share in yesterday’s trading. The stock had dropped as low as $16.35 in late June after reporting continuing losses in establishing Nook, but rose yesterday to close at $17.85. A WSJ blog grasps at straws a bit to suggest that Riggio […]
Bookselling: Malone on BN; BA Objects to Amazon/Book Depository, WHSmith Store Comps Decline
Attending the Allen & Company conference in Sun Valley, Liberty Media ceo John Malone spoke publicly about the potential Barnes & Noble buyout for the first time since the possible merger was announced back in May. “It would be a bit of a flier for us, on whether or not Barnes & Noble can play competitively with the likes of Apple and Amazon in the digital transformation,” he said. “That’s really the bet.” Malone characterized the steep decline in brick-and-mortar bookselling as akin to those who survive a smallpox epidemic: “If you’re still alive, well, maybe you got a chance […]
The Deal On Border’s Sale Deal
As readers know, we’ve been trying to wrap our heads around the stalking horse offer for the Najafi Companies to “buy” Borders for $215 million, which sounds more like an offer to “take” the company at little or no net cost. Yesterday the company filed an asset purchase agreement with the SEC, along with the provisional liquidation agreement with Hilco, Gordon Brothers and others in case the sale is not completed, which shed a little additional light on the financials. Indeed, Borders anticipates that an outright liquidation would produce more cash. The liquidators guarantee a minimum of 72 percent of […]
eNews: Macmillan to Sell MPS Stake; Apps Are Adjusting to New iOS Rules; Another Subscription Offer
Macmillan is putting their controlling 61 percent stake in the publishing solutions and services unit MPS up for sale. The Times of India says the Bangalore-based company employs about 1,000 people, but the company’s site says they have 2,500 employees worldwide. Standalone 2009 sales were approximately $30 million. The Times says “MPS has attracted interests from IT services players as well as financial investors. Macmillan’s divestment could help the company scale up operations winning more third-party businesses.” They say the sector has been active for M&A lately, adding that “there is also speculation that Aptara Solutions may launch a stake […]