Liberty Media’s investment in Barnes & Noble has been secured early. The bookseller announced today that the FTC has granted early termination of the waiting period under the Hart-Scott-Rodino Act.
Here is more about the deal from the press release: “Barnes & Noble announced on August 18 that Liberty Media invested an aggregate of $204 million in the Company through the purchase of newly issued convertible preferred stock. Under the terms of the strategic investment, Liberty purchased preferred stock, convertible into approximately 12 million shares or 16.6% (after giving effect to the issuance) of the Company’s common stock at a price of $17 per share, and with a dividend rate of 7.75% per annum to be paid quarterly.”
With the new capital, Liberty will participate in the Barnes & Noble board. Liberty has elected two nominees — Gregory B. Maffei, Liberty Media’s President/CEO and Mark D. Carleton, Senior Vice President of Liberty.