Private investment management firm G Asset Management (GAM) has offered to buy 51% of Barnes & Noble, Inc., valuing the company at $22 per share. GAM has also made an alternative offer to acquire 51% of the Nook segment, valuing the segment at $5 per share. Both deals are subject to approvals, and negotiations.
Here is more from the press release: “GAM stated in its proposal that it was extremely confident that if the Nook segment is separated from the profitable retail and college business, substantial shareholder value would be created.”
The company had offered to buy the book chain for $20 a share last year but the deal never went through. Barnes & Noble chairman Leonard S. Riggio also considered buying the company. Since then former B&N CEO William Lynch has left the company and Michael P. Huseby has taken over the reigns as CEO.