Barnes & Noble founder Leonard Riggio hopes to “purchase all of the assets of the retail business of Barnes & Noble” as the bookseller struggles in a difficult bookselling environment.
The company offered a brief statement, but will not provide more commentary until a committee has evaluated the proposition or a deal is struck. Here’s more from the official company release:
The process of evaluating a proposal and negotiation of any transaction will be overseen by a Strategic Committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is Chair of the Strategic Committee. The Strategic Committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor. There can be no assurance that the review of Mr. Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the Strategic Committee’s review.