New York – Barnes & Noble
announced today it has received a proposal from Liberty Media to purchase the
bookseller.
The proposal offers
Barnes & Noble $17 dollars per share, or roughly $1 billion in cash and
stock. The deal is far from closed and is still subject to the signing of a
definitive purchase agreement and the receipt of shareholder and regulatory
approval.
The online and brick and
mortar book dealer formed a committee last summer to contemplate selling the
company. The company has 705 bookstores located in all 50 states. The company
recently announced that the download of the one millionth app for its
NookColor.
Liberty Media said in a
statement it contemplates the deal closing as a merger with Liberty owning 70
percent of Barnes & Noble. This would be accomplished by Liberty laying out
about $500 million in cash with the remainder being financed.
Liberty also expects
Barnes & Noble founder Leonard Riggio to be a participant in the merged
company.
Liberty Media owns a wide range of retailing and media companies,
including QVC, Sirius XM, Starz group and is a minor stakeholder in Time
Warner, Viacom and Live Nation.
