Market Overview

G Asset Management Proposes Acquisition Offer To Barnes & Noble

Related BKS
A Closer Look At Major Retail Chains That Announced Store Closures In 2014
Sears Holdings (SHLD) in Focus: Stock Falls 9.4%
Know Before the Bell: BofA Settlement and Google Teams Up With B&N (Fox Business)

G Asset Management, a private investment management firm announced on Thursday night that it has approached Barnes & Noble (NYSE: BKS) and presented an offer to acquire 51 percent of the company at $22 per share.

G Asset Management has previously made its views clear that Barnes & Noble is undervalued and that aggregate value of the key segments of the business is not accurately reflected in its share price.

G Asset Management has also proposed to acquire a 51 percent stake of Barnes & Noble's Nook segment, valuing the segment at $5 per share. G Asset Management noted that if the Nook segment is separated from the retail and college business, substantial shareholder value would be created.

Related: DirecTV Boss Takes Dim View Of Comcast/TWC Merger

G Asset Management has previously attempted to purchase a stake in the company. On November 15, G Asset Management presented an offer to the company's board of directors, which valued the company at $20 per share. At that time, G Asset Management suggested that the company spin off its Nook segment from the college and retail segment and immediately commence a right offering for the Nook segment to existing shareholders.

Shares of Barnes & Noble spiked higher on Friday when the news release was made public. Shares surged nine percent higher at $18.30. The last time share traded above $18 per share was back in August 2013.

Posted-In: Barnes & Noble G Asset Management nookNews M&A Best of Benzinga

 

Related Articles (BKS)

Around the Web, We're Loving...

Get Benzinga's Newsletters