The June 13, 11:59 PM deadline for alternative bids for retail chain Barnes & Noble, has come and gone. This means that the bid submitted by Elliott Advisors stands, making the hedge fund the official owner-in-waiting of America’s largest bookstore chain.
After Elliott announced its $6.50 per share offer for the company last Friday, reports surfaced that Readerlink was working on a counter offer.Yesterday, B&N investor Schottenfeld Management Corp., which has long advocated for change at B&N, filed a report with the Securities and Exchange Commission urging B&N’s board to consider any superior offer to Elliott’s. bid. But no new offer from Readerlink or any other party was received by B&N by the deadline. Any new offer would have resulted in a $4 million fee to Elliott. While it is technically possible for a new bid to be made, the breakup fee rises to $17 million.
A B&N spokesperson said that since the retailer received no new bids, it will work toward completing the purchase by Elliott, which is expected sometime in the third quarter.
