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Liberty Invests in Barnes & Noble After Ending Takeover Bid

Liberty Media Corp., controlled by billionaire John Malone, invested $204 million in Barnes & Noble Inc. after dropping its offer to acquire the largest U.S. bookstore chain.

Liberty Media agreed to purchase preferred shares, convertible into 12 million common shares or 17 percent of the company’s stock, at $17 a share, Barnes & Noble said yesterday in a statement. The preferred shares will pay a 7.8 percent annual dividend. Liberty Media, based in Englewood, Colorado, made the only public bid when it offered $17 a share in May for 70 percent of the retailer, valuing the chain at $1 billion.