Bruised after battle with Amazon, Barnes & Noble is going private

Book-selling giant Barnes and Noble humbled by Amazon sold to hedge fund

Elliott Advisors announced Friday morning that it was buying Barnes & Noble in a deal valued at 683 million dollars including debt.

The company's shares surged about 34 percent on Thursday after the Wall Street Journal reported that a deal was near.

Barnes & Noble, like its...

Once the towering Goliath of the bookselling world, these days Barnes & Noble is getting dwarfed by primarily online competitors - particularly Amazon, which reportedly sells almost 50 percent of all new books.

"We are pleased to have reached this agreement with Elliott, the owner of Waterstones, a bookseller I have admired over the years", Leonard Riggio, the founder of Barnes & Noble's modern iteration and still its chairman, said in a statement released Friday.

Elliott Advisors is a United Kingdom based hedge fund that also owns the Waterstones book store chain.

Elliot's offer of $6.50 per share, represented a premium of about 42 per cent to Wednesday's close, the day before media reports of a potential transaction first surfaced.

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Just about eight months after Barnes & Noble revealed it was exploring a possible sale, the embattled bookseller has settled on a buyer.

Riggio acquired the flagship Barnes & Noble trade name in 1970s, almost a century after Charles Barnes started the business in his IL home.

The company's Nook e-reader device was also a flop, never catching on in the way that Amazon's Kindle did.

James Daunt will move to NY to assume his dual role of chief executive of Barnes & Noble and Waterstones.

His main goal is to have each Barnes & Noble store be more tailored to the local market, rather than operate as a massive homogenous chain.

So it may be the end of an era for Barnes & Noble. The company's annual sales have fallen for the past three years. As of this January, it ran 627 retail stores.

Parneros has rejected Barnes & Noble's accusations.

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