Key Developments: Barnes & Noble Inc (BKS)
22.13USD
23 May 2013
$0.37 (+1.69%)
$21.76
$21.61
$22.27
$21.36
714,040
1,644,788
$23.71
$11.17
Latest Key Developments (Source: Significant Developments)
Barnes & Noble Inc To Evaluate Sale Of Retail Business
Barnes & Noble Inc announced that its Board of Directors has received notice from Mr. Leonard Riggio, the Company`s founder, stockholder and Chairman of the Board, that Mr. Riggio plans to propose to purchase all of the assets of the retail business of Barnes & Noble. Mr. Riggio`s plans with respect to a proposal are set forth in an amendment to his Schedule 13D filed on February 25, 2013 with the SEC. 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. Full Article
Barnes & Noble Inc Plans To Reduce Outlets-Reuters
Reuters reported that Barnes & Noble Inc expects to shut down as many as a third of its retail stores over the next decade, Mitchell Klipper, Chief Executive of the Company's retail group, told the Wall Street Journal in an interview. 'In 10 years we'll have 450 to 500 stores,' Klipper told the Journal. The Company had 689 retail stores as of January 23, 2013 along with a separate chain of 674 college stores. Full Article
Barnes & Noble Inc And Microsoft Complete Strategic Partnership In New Subsidiary
Barnes & Noble Inc and Microsoft announced the completion of their previously announced strategic partnership in NOOK Media LLC, a recently formed Barnes & Noble subsidiary and a emerging digital reading and digital education markets. Microsoft and Barnes & Noble’s strategic partnership in NOOK Media LLC will enable the companies to advance world-class digital reading experiences to the hundreds of millions of customers they jointly serve. NOOK Media LLC comprises the digital and College businesses of Barnes & Noble and will continue to have a close and mutually beneficial relationship with Barnes & Noble’s retail stores. The partnership includes a $300 million investment from Microsoft in NOOK Media LLC. Microsoft made its $300 million investment in NOOK Media LLC at a post-money valuation of $1.7 billion in exchange for an approximately 17.6% equity stake, with Barnes & Noble owning the remaining shares. As previously announced, there is no set timetable for Barnes & Noble’s review of strategic options for its investment in NOOK Media LLC. There can be no assurance that the review will result in a strategic separation or the creation of a stand-alone public company. Barnes & Noble does not intend to comment further regarding the review unless and until a decision is made. Full Article
Barnes & Noble Inc Partners With Sainsbury’s To Offer NOOK Products
Barnes & Noble Inc announced a partnership with Sainsbury’s to bring the NOOK reading experience and digital products as the exclusive eReader to over 270 Sainsbury’s stores across the UK and online. Full Article
Judge Approves U.S. Settlement With Barnes & Noble, Inc. And Other Publishers Over e-books-Reuters
Reuters reported that a U.S. judge approved on Thursday a Justice Department settlement with three publishers accused of conspiring with Apple Inc and other publishers to push up the prices of electronic books. The Justice Department had accused Apple and five publishers in April of illegally colluding on prices as part of an effort to fight internet retailer Amazon.com's dominance of e-books. The publishers who agreed to settle are The News Corporation's HarperCollins Publishers Inc, CBS Corporation's Simon & Schuster Inc and Lagardere SCA's Hachette Book Group. Apple; Macmillan, a unit of Verlagsgruppe Georg von Holtzbrinck GmbH; and Pearson PLC's Penguin Group have vowed to fight the Justice Department's lawsuit with a trial due to start on June 3 next year. The proposed settlement was unpopular with bookseller Barnes & Noble, Inc. and the American Booksellers Association, which represents independent stores, with both arguing that it would strengthen Amazon's dominance. Full Article
Barnes & Noble, Inc. And Microsoft Form Strategic Partnership To Advance World-Class Digital Reading Experiences For Consumers
Barnes & Noble, Inc. and Microsoft announced the formation of a strategic partnership in a new Barnes & Noble subsidiary. The partnership will accelerate the transition to e-reading, which is revolutionizing the way people consume, create, share and enjoy digital content. The new subsidiary, referred to in this release as Newco, will bring together the digital and College businesses of Barnes & Noble. Microsoft will make a $300 million investment in Newco at a post-money valuation of $1.7 billion in exchange for an approximately 17.6% equity stake. Barnes & Noble will own approximately 82.4% of the new subsidiary, which will have an ongoing relationship with the Company’s retail stores. Barnes & Noble has not yet decided on the name of Newco. Full Article
Barnes & Noble, Inc.'s Stock Soars As Hedge Fund Buys Stake-Reuters
Reuters reported that Barnes & Noble, Inc.'s shares rose sharply on April 22, 2012 after a U.S. regulatory filing showed that New York based activist hedge fund Jana Partners LLC had taken a large stake in the bookstore chain. Jana Partners, known for pushing for changes at the companies it invests in, had bought 6.96 million shares earlier in April, giving it an 11.6% stake, the Company disclosed in a filing with the U.S. Securities and Exchange Commission late April 19, 2012. Full Article
Barnes & Noble, Inc. Appoints Michael P. Huseby Chief Financial Officer
Barnes & Noble, Inc. announced the appointment of Michael P. Huseby as Chief Financial Officer, reporting to Chief Executive Officer William Lynch. He will join the Company effective March 13, 2012. Allen Lindstrom, was interim Chief Financial Officer. Full Article
Barnes & Noble, Inc. Reiterates FY 2012 Guidance
Barnes & Noble, Inc. reiterated fiscal 2012 guidance announced on January 5, 2012. The Company expects fiscal 2012 consolidated sales between $7.0 billion and $7.2 billion. Comparable sales at Barnes & Noble stores are expected to increase 1%, Barnes & Noble College sales are expected to be flat, and sales are expected to increase 40% to 50% at BN.com. The Company expects earnings before interest, taxes, depreciation and amortization (EBITDA) to be in a range of $150 to $180 million and losses per share to be in a range of $1.40 to $1.10 for fiscal 2012. Full Article
Barnes & Noble, Inc. May Split Off Nook-Reuters
Reuters reported that Barnes & Noble, Inc. may spin off its digital business, sending its shares plunging nearly 20%. Full Article
Barnes & Noble shares soar on Microsoft report
- Shares in Barnes & Noble Inc soared 22 percent on Thursday after a report that Microsoft Corp is considering an offer to acquire the tablet and e-book business of B&N's Nook Media unit.
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