Liberty Media –the company that owns eVite, QVC, Time Warner, a portion of Sirius Radio and Starz Media — has proposed to acquire Barnes & Noble at a price of $17 per share in cash.
The proposal is subject to shareholder approvals and closing conditions, among other things. The proposal is also contingent on the participation of founding chairman Leonard Riggio. He would have to continue his equity of ownership and keep his management role.
The Special Committee of the Board of Directors, which was formed in connection with the Company’s review of strategic alternatives, will evaluate this proposal.
The Wall Street Journal pointed out that the news made B&N stocks grow: “Its shares jumped in after-hours trading on the news, rising 24% to $17.50, even though the offer price from John Malone’s media empire was $17 a share in cash.”
Barnes & Noble’s financial advisors will be Lazard Freres & Co., LLC.