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In a messy game of telephone, Street Insider said that Bloomberg said that Dealreporter said that Barnes & Noble, Inc. (NYSE:BKS) denied reports it was involved in talks to sell.
Dealreporter sources allegedly said Barnes & Noble had been working with financial adviser Guggenheim Securities for six months as it interacted with multiple potential buyers, including Apollo Global Management (NYSE:APO) and Platinum Equity.
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However, a Barnes & Noble spokesperson told Benzinga the company is not presently engaged in a sales process.
Closer Look
Small inaccuracies in the story merit further suspicion of the rumor's veracity.
For one, Barnes & Noble’s relationship with Guggenheim is not new; it has worked with the investment banker since at least 2013. Additionally, despite Debtwire reports that the company is looking to sell its real estate, a recent 10-K filing confirmed that Barnes & Noble leases rather than owns all but one of its stores.
The rumors follow pressure by activist investor Sandell Asset Management Corp. urging the board to perform a strategic review and consider a sale.
At time of publication, Barnes & Noble was trading at $7.68, up 5.9 percent on the day.
Image credit: Mike Kalasnik, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.