Tags: readerlink | barnes | noble | bid

WSJ: Readerlink Works Toward Higher Bid for Barnes & Noble

WSJ: Readerlink Works Toward Higher Bid for Barnes & Noble
(Ken Wolter/Dreamstime)

Wednesday, 12 June 2019 08:56 AM

Book distribution company Readerlink LLC is working towards making a bid for Barnes & Nobles Inc. that would top hedge fund Elliott Management Corp.’s agreed price to buy the U.S bookseller, the Wall Street Journal reported, citing a source.

Last week, Barnes & Noble said it would be bought by Elliott Management Corp. for $475.8 million, marking the end of the U.S. book retailer as a public company.

The merger agreement with Elliott has a “keep-shop” provision that says if the company strikes a deal with a third party before 11:59 p.m ET on June 13, Elliott would be entitled to a payment of up to $4 million, the report said, citing a regulatory filing. Thereafter, the breakup fee will be $17.5 million.

If Readerlink can get financing, it would consider making a bid before the cutoff date, the report said, adding that the company may join with another investor.

Readerlink did not immediately respond to a Reuters request for comment, while Barnes & Noble and Elliott declined to comment.

© 2019 Thomson/Reuters. All rights reserved.

   
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Book distribution company Readerlink LLC is working towards making a bid for Barnes & Nobles Inc that would top hedge fund Elliott Management Corp’s agreed price to buy the U.S bookseller, the Wall Street Journal reported on Monday, citing a source.
readerlink, barnes, noble, bid
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2019-56-12
Wednesday, 12 June 2019 08:56 AM
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