Following ratification by shareholders of the bookseller’s poison pill plan, the WSJ updated the status of Barnes & Noble’s evaluation of potential bids. “About eight or ten” bidders, both private-equity firms and strategic acquirers, “remain interested” in an acquisition according to “people familiar with the matter.” That’s winnowed from approximately 20 bidders originally said to have been interested in reviewing the company’s financials. The second round of bids is said to be “due in a few weeks,” with no certainty on how many of those interested parties will present revised offers. Chairman Len Riggio said Wednesday he hopes they will […]
Finance
Barnes & Noble Poison Pill Approved; Aletheia Continues to Trim their Position
With no active resistance this time around from Ron Burkle’s Yucaipa, Barnes & Noble shareholders officially and “overwhelmingly” ratified the company’s poison pill plan, with 72 percent of votes cast in favor. Separately, in a periodic SEC filing, Aletheia Research & Management indicated that they have continued to trim their position in Barnes & Noble’s stock, they though still hold a substantial stake comprising just over 14 percent of all shares. In the past two months, they had a net sale of approximately 635,000 shares, now down to roughly 8.4 million shares as of November 10 after holding about 9.05 […]
Joseph-Beth Files Chapter 11 Bankruptcy; Will Close Another Two Stores
Following our report from a week ago that Joseph-Beth Booksellers was closing stores in Pittsburgh and Charlotte, NC, yesterday the group filed for Chapter 11 bankruptcy protection in Lexington, KY and indicated that they will close another store in Cleveland and a Davis-Kidd store in Nashville. Owner Neil Van Uum said in statement, “Davis-Kidd has been an institution in Nashville. It breaks my heart to have to close this store.” Former co-owner Karen Davis was taken by surprise and “very disappointed and saddened” as well. “I think it holds a special place in a lot of people’s hearts.” The company […]
Random House Offers A Big Part of Their Headquarters Building for Sublet
Random House is looking to sublet up to nine of their 24 floors in their office building on Broadway, comprising as much as 250,000 of 645,000 square feet. Spokesman Stuart Applebaum tells the WSJ that dealing with the Peter Olson-era albatross presents a “potential savings in the millions of dollars.” He notes, “We’re in the book business, not the real-estate business. We’ll reinvest our savings into our publishing.” (With an asking rent of $55 a foot, the sublet could comprise close to $14 million annually.) Applebaum says that approximately 30 percent of Random House’s office space is currently vacant. But […]
Bloomsbury Buys Duckworth Academic; Will Distribute Trade Line
Bloomsbury has purchased the Duckworth Academic list outright from Gerald Duckworth & Company, and as an “integral” part of the deal, Bloomsbury will distribute the Duckworth trade list starting in March 2011. Bloomsbury will operate Duckworth Academic, which focuses on books about the ancient world, as Bristol Classical Press, through the Bloomsbury Academic division. Duckworth owner Peter Mayer emphasizes that the deal is driven by the growth of the company’s trade line. Jon Jackson has been named editorial director of Duckworth trade a Ben Slight is sales coordinator (he was a regional manager at Waterstone’s). He says, “With the recent […]
Tip Says NookColor to Debut Next Week, As Delaware Court Lets BN Shareholder Lawsuit Go Forward
The rumor on Barnes & Noble’s press event for next Tuesday is that the company will launch a color touchscreen ereader priced at $249. CNET cites an anonymous “tipster” who “has proven reliable in the past.” Separately, SlashGear points out that Barnes & Noble registered the URL NookColor.com in March (and updated their registration record earlier this month).CNET In other Barnes & Noble news, Delaware chancellor Leo Strine Jr. agreed with shareholders who have sued the company over the purchase of Barnes & Noble college last year, saying the acquisition process “gives off a very fishy smell.” Strine therefore declined […]