Deals
Barnes & Noble Shares Surge on Report Activist Is Seeking a Buyout
- Company says it doesn’t view proposal as ‘bona fide’
- Transaction would require chairman to roll over investment
A Barnes & Noble Inc. store in New York.
Photographer: Eric Thayer/Bloomberg
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Barnes & Noble Inc. said it doesn’t consider a buyout proposal from Sandell Asset Management as “bona fide,” doubting the activist investor’s ability to raise financing for the bid and get the bookseller’s chairman on board.
The retailer’s shares earlier jumped the most in more than four years after Sandell put forth a proposal to take the company private.