Here’s a bit of a head-scratcher: Barnes & Noble (BKS) this evening said its board of directors received a proposal from John Malone’s Liberty Media to acquire the company for $17 per share in cash, a 20% premium to the stock’s closing price of $14.11 today.
B&N’s board plans to evaluate the proposal through its special committee on strategic alternatives, it said.
The company said Liberty’s offer is contingent on B&N chairman Leonard Riggio maintaining both his stake in the stock and also a management role at B&N.
Malone, a cable pioneer, has assembled a grab bag of assets at Liberty, including the Starz movie distribution business, as well as the QVC shopping network. The company has three tracking stocks for those assets, Liberty Interactive (LINTA), Liberty Starz (LSTZA), and Liberty Capital (LCAPA).
Article courtesy of Tech Trader Daily