Borders (BGP) First-Round Bids Were Called For This Week-FT
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Today, dealReporter by way of the Financial Times, reported that first-round bids for Borders (NYSE: BGP) were due on June 9th.
At the end of March, Borders announced that it had hired JPMorgan and Merrill Lynch to conduct a strategic review, and on the same day received a financing commitment from activist hedge fun and largest investor in BGP, Pershing Square.
Barnes & Noble (NYSE: BKS) is conducting due diligence, but is far from knowing if it will bid yet. Borders has cooperated with Barnes & Noble by giving them all the information they need for due diligence, but a lot of work still needs to be done before they can move further.
dealReported said although first-round bids have been called for this week, the process could be delayed for Barnes & Noble, should it indicate real interest.
Borders stock has risen over 10% in the last 10 days.
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