(Reuters) - Activist investor Sandell Asset Management Corp wants Barnes & Noble (BKS.N) to try to sell itself again, saying the bookstore chain will benefit from a new owner, the Wall Street Journal reported on Monday.
Sandell has recently bought a stake in Barnes & Noble and is among its top 10 investors, the newspaper reported, citing people familiar with the matter. on.wsj.com/2uSwmEi
Barnes & Noble could attract a bid of more than $12 a share, the Wall Street Journal reported, citing a letter from Sandell.
Based on Monday’s closing share price of $7.10, Barnes & Noble’s market value is about $515 million.
John Malone’s Liberty Media Corp (FWONA.O) proposed buying Barnes & Noble for $1.02 billion in 2011, but ended up investing in preferred shares it could convert into a stake later.
In 2014, Liberty sold almost all its stake, ending a nearly three-year bet that the retailer would emerge as a dominant seller of e-books. reut.rs/2uUsEcY
Barnes & Noble and Sandell were not immediately available for comment outside regular business hours.
Reporting by Parikshit Mishra in Bengaluru; Editing by Gopakumar Warrier