Barnes & Noble (BKS) Chair Riggio Proposes Purchase of Retail Assets
Tweet
Share
E-mailGet Alerts BKS Hot Sheet
Join SI Premium – FREE
Barnes & Noble, Inc. (NYSE: BKS) Chairman Leonard Riggio filed an amended 13D with the U.S. SEC on Monday. In part, the 13D disclosed:
On February 25, 2013, Mr. Riggio notified the Board of Directors of the Company (the “Board”) he plans to propose to purchase all of the assets of the retail business of the Company. The retail business would include, among other things, Barnes & Noble Booksellers, Inc. and barnesandnoble.com; and would exclude NOOK Media LLC (comprising the digital and College businesses). Mr. Riggio plans to make the proposal in order to facilitate the Company’s evaluation of its previously announced review of strategic options for the separation of its investment in NOOK Media LLC. The purchase price would be negotiated with the Board (and/or any committee thereof that would review and negotiate the proposal) and its advisors. The purchase price is currently contemplated to be comprised primarily of cash consideration and the assumption of certain liabilities of the Company. Mr. Riggio would provide the equity financing for the transaction and undertake to arrange any debt financing required for the transaction.
Mr. Riggio’s proposal is not binding and is subject to: (i) the negotiation and execution of definitive transaction documents; (ii) Mr. Riggio arranging and entering into definitive debt financing documents; and (iii) the approval by the Board (and/or any committee thereof that would review and negotiate the proposal) of the proposal.
On February 25, 2013, Mr. Riggio notified the Board of Directors of the Company (the “Board”) he plans to propose to purchase all of the assets of the retail business of the Company. The retail business would include, among other things, Barnes & Noble Booksellers, Inc. and barnesandnoble.com; and would exclude NOOK Media LLC (comprising the digital and College businesses). Mr. Riggio plans to make the proposal in order to facilitate the Company’s evaluation of its previously announced review of strategic options for the separation of its investment in NOOK Media LLC. The purchase price would be negotiated with the Board (and/or any committee thereof that would review and negotiate the proposal) and its advisors. The purchase price is currently contemplated to be comprised primarily of cash consideration and the assumption of certain liabilities of the Company. Mr. Riggio would provide the equity financing for the transaction and undertake to arrange any debt financing required for the transaction.
Mr. Riggio’s proposal is not binding and is subject to: (i) the negotiation and execution of definitive transaction documents; (ii) Mr. Riggio arranging and entering into definitive debt financing documents; and (iii) the approval by the Board (and/or any committee thereof that would review and negotiate the proposal) of the proposal.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
- Nanometrics (NANO) Issues Business Update, Reports FY23 Results
- Greenlane Holdings Inc. (GNLN) Receives Nasdaq Non-compliance Notice
Create E-mail Alert Related Categories
13Ds, Hot Corp. News, Management Comments, Mergers and AcquisitionsRelated Entities
13DSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
