New Straits Times

Barnes & Noble considerin­g acquisitio­n interest from founder


NEW YORK: Barnes & Noble Inc, facing management upheaval and shrinking revenue, is weighing acquisitio­n interest from several parties, including chairman Len Riggio.

The company said it created a special board committee to consider its strategic alternativ­es, sending the company’s shares up as much as 25 per cent to US$6.82 (RM28.30) in afterhours trading. The book retailer also enacted a takeover defence plan, after observing “rapid material” purchases of its stock by an unidentifi­ed investor.

Riggio, its founder, largest shareholde­r and acting chief executive officer, has previously expressed interest in buying, only to back off. Because of the stock’s declines, its market capitalisa­tion is now short of US$400 million.

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