Monday, December 6, 2010

Barnes & Noble Soars On Takeover Talk

Shares of Barnes & Noble Inc. (NYSE: BKS) soared more thn 17% in Monday's pre-market trading after hedge fund manager William Ackman said he would be prepared to finance an offer by Borders Group (NYSE: BGP) for rival Barnes & Noble Inc (NYSE: BKS). Ackman is ready to finance Borders' acquisition of Barnes & Noble for $16 a share, according to the filing, indicating a bid of around $964 million. The filing said that Ackman will have a 37.3 percent stake in Borders Group if all warrants are exercised. Stay tuned for more. 

Full disclosure: None.
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