Liberty Media Corp. has made an offer to acquire Barnes & Noble Inc. for $1.02 billion, according to news reports. Barnes & Noble put itself up for sale last summer,
the
Wall Street Journal
noted.
Barnes & Noble said the proposal is contingent on the participation of the retailer’s 70-year-old chairman, Leonard Riggio, “both in terms of his continuing equity ownership and his continuing role in management.”
It’s unlikely that a bid by Liberty would have been made without the approval of Mr. Riggio, who is also the retailer’s largest investor.
(Source:
Wall Street Journal,
May 20, 2011.)
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