Barnes & Noble acquired for $638 million

Barnes & Noble acquired for $638 million”

Elliott Management, a venture capital firm described as "activist investors", has reached a deal to purchase book retailer Barnes & Noble for $683 million, according to CNBC. The company's stock hit a low of $4.32 yesterday afternoon before any reports of a deal surfaced.

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

Barnes & Noble stock shot up 30 percent to $5.96 after the Journal reported a deal was imminent.

Elliott was careful to note that "each bookseller will operate independently" - but added that "they will share a common CEO and benefit from the sharing of best practice between the companies".

Nook e-readers remain a prominent part of the company's business strategy and a decent head-to-head chip against Kobos and Amazon's Kindle devices, though there will be a sore need for innovation on literature technology.

As of a year ago, Amazon - which started as strictly an online bookseller - accounts for almost half of all new book sales.

But Barnes & Noble has suffered.

The company said in October that it might put itself up for sale after it was approached by a number of potential buyers, including founder Leonard Riggio who opened Barnes & Noble stores across the country and turned it into a superstore.

The sign for a Barnes & Noble bookstore hangs above the entrance to one of its locations in Brooklyn earlier this year.

But Barnes & Noble has suffered.

He called the entire large-store model for any retail chain "a 20th century concept" extinguished by the internet. The bricks-and-mortar giant, on the other hand, has seen its revenue slide each year for the past several years.

Waterstones CEO James Daunt will become the CEO at Barnes & Noble as well.

Parneros, however, rejected the accusations.

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