Barnes & Noble shares rise on sale push
NEW YORK — An activist investor has bought a “meaningful” stake in Barnes & Noble Inc. and is urging the bookseller to sell itself.
Sandell Asset Management Corp. Chief Executive Officer Thomas Sandell, in a letter to Barnes & Noble’s board, said “the public market for retail stocks is contributing to a risky and inhospitable environment” and argued the company would be better served if it were private or part of a larger company.
Sandell did not disclose the amount of his company’s stake.
Shares of Barnes & Noble jumped $1.20, or 16.9 percent, to close Tuesday at $8.30.
In the letter to board, Sandell said the company is the only “truly national bookstore chain” and compared its locations to “beachfront property.” He said the company could get more than $12 per share.