Market Overview

G Asset Management Proposes Acquisition Offer To Barnes & Noble

Share:
G Asset Management Proposes Acquisition Offer To Barnes & Noble

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 nookM&A News Best of Benzinga

 

Related Articles (BKS)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Next Move: Blow-Off or Blow Up?

UPDATE: Mohawk Downgraded by Raymond James Following Earnings; Shares Rally Back