Posted on June 14, 2019 at 9:22 AM by Sadye Scott-Hainchek
It’s not quite time to crack open the bubbly for Barnes & Noble yet, it appears.
Shelf Awareness reports that some shareholders are objecting to Elliott Management’s offer to purchase B&N.
According to an SEC filing, they believe the company “is worth considerably more than the agreed-upon sale price, and believe that the special committee ... has failed in its duty to maximize value for shareholders.”
Elliott's deal was for $6.50 a share, or $475 million.
So what’s next? Well, if B&N decides to accept another offer, such as a potential one from Readerlink, it will have to pay Elliott a breakup fee of $17.5 million.
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