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Barnes & Noble, Borders Surge as Pershing Mulls Deal

Barnes & Noble Inc. and Borders Group Inc. surged in New York trading after William Ackman’s Pershing Square Capital Management LP offered to work with Borders on a takeover of the bookstore chain’s larger rival.

Ackman’s New York hedge-fund firm is willing to help Borders fund an offer of $16 a share, saying the move would lead to savings, according to a regulatory filing today. Borders reiterated its interest in a deal and in “continuing those discussions,” according to an e-mail from spokeswoman Mary Davis.