Barnes & Noble stock price: Elliott Management acquiring bookseller

Elliott Management is acquiring Barnes & Noble for about $683 million including debt, the companies said Friday.

While the bookseller has lost half its market value in the last five years, its shares soared Thursday after The Wall Street Journal reported the deal was in the works.

Watch Barnes & Noble trade live.

Elliott Management, the hedge fund led by noted investor Paul Singer, is acquiring the beleaguered bookseller Barnes & Noble for about $683 million including debt, the companies announced Friday.

Elliott is acquiring the bookseller in an all-cash transaction that's expected to close in the third quarter. Shares of Barnes & Noble jumped early Friday on the announcement, a move that followed a 30% surge Thursday after The Wall Street Journal reported the deal was imminent.

Barnes & Noble would not mark Elliott's first bookstore deal. Elliott acquired Waterstones, the largest retail bookseller in the United Kingdom, one year ago. That chain's chief executive, James Daunt, will also assume the role of Barnes & Noble CEO once the deal is complete.

Elliott's investment in the bookseller that's lost around half of its market value in five years highlights the ongoing challenges brick-and-mortar retailers are facing in the age of online shopping and the rise of Amazon.

Read more: We shopped at Barnes & Noble and saw a key shortcoming that's hurting the chain in its battle against Amazon

Once a $2.4 billion company by market capitalization around its peak in 2006, Barnes & Noble's market value has shrunk to just over $436 million. Its shares traded just under $6 apiece as of Thursday's close.

Last year, the New York-based company was mired in legal drama involving Demos Parneros, the bookseller's former chief executive. Parneros sued Barnes & Noble last August, saying the company falsely accused him of violating its sexual harassment policy before terminating him without severance.

At the time, Barnes & Noble said the lawsuit was “an attempt to extort money from the company by a CEO who was terminated for sexual harassment, bullying behavior and other violations of company policies.”

In its Friday statement, Elliott said the fund is betting on the “experience” of bookstores.

“Our investment in Barnes & Noble, following our investment last year in Waterstones, demonstrates our conviction that readers continue to value the experience of a great bookstore,” Paul Best, a portfolio manager and head of European private equity at Elliott, said in a release.

Barnes & Noble will report its fiscal 2019 fourth-quarter and year-end earnings results on June 19.

Now read more markets coverage from Markets Insider and Business Insider:

A duo of stock pickers crushing 96% of their peers unpack their tactics for finding companies that customers can't live without — and reveal their top picks

Cloudera crashes in its worst day ever after the company slashes sales outlook, announces CEO departure

Beyond Meat soars 20% after crushing expectations for its first earnings report as a public company

该公司周五表示，Elliott Management将以约6.83亿美元的价格收购Barnes＆Noble，其中包括债务。该公司在过去五年中已经失去了一半的市值，在“华尔街日报”报道该交易正在进行中之后，周四飙升。 观看Barnes＆Noble的交易活动。由知名投资人Paul Singer领导的对冲基金Elliott Management正在以约6.83亿美元收购陷入困境的书商Barnes＆Noble，包括债务，这些公司周五宣布。 Elliott正在以全现金交易方式收购该书商，该交易预计将在第三季度完成。巴恩斯和诺布尔的股票在周五早些时候大幅上涨，此举是在华尔街日报报道该交易迫在眉睫之后，周四出现了30％的激增.Barnes＆Noble不会标志着艾略特的第一笔书店交易。一年前，艾略特收购了英国最大的零售书商Waterstones。该连锁店的首席执行官詹姆斯·道特（James Daunt）也将在交易完成后担任Barnes＆Noble首席执行官。 Elliott对书商的投资在五年内损失了大约一半的市场价值，凸显了实体零售商在网购时代和亚马逊崛起所面临的持续挑战。 阅读更多：我们在Barnes＆Noble购物，并看到一个关键的缺点，即在与亚马逊的战斗中损害了连锁店的一个关键缺点一度是一家价值24亿美元的公司，其市值在2006年的峰值附近，Barnes＆Noble的市场价值已经缩减到刚刚超过4.36亿美元。截至周四收盘，其股票交易价格略低于6美元。去年，这家总部位于纽约的公司陷入了涉及书商前首席执行官Demos Parneros的法律剧中。 Parneros去年8月起诉Barnes＆Noble，称该公司诬告他违反其性骚扰政策，然后在没有遣散的情况下终止他。当时，Barnes＆Noble表示这起诉讼是“企图敲诈钱财”公司首席执行官因性骚扰，欺凌行为和其他违反公司政策的行为而被终止。“在周五的声明中，Elliott表示该基金正在押注书店的”体验“。继去年我们在Waterstones投资后，我们对Barnes＆Noble的投资表明了我们的信念，即读者继续重视一家大书店的经验，”Elliott的投资组合经理兼欧洲私募股权主管Paul Best表示。 Barnes＆Noble将于6月19日公布其2019财年第四季度和年终收益结果。现在阅读更多来自Markets Insider和Business Insider的市场报道：一个二人组股票拣选者摧毁96％的同行打开他们的策略，寻找客户不能没有的公司 - 并揭示他们的首选股票Cloudera在公司削减销售前景后的最糟糕的一天崩溃，宣布CEO离职