Barnes and Noble spikes after reportedly being approached about going private
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- Barnes and Noble's shares are up 11.4% to $7.35 after a report from the Wall Street Journal says the company has been approached about going private.
- The proposal came from activist investor Sandell Asset Management, with a potential deal offer of $750 million, including debt.
- There are multiple hurdles to overcome if the proposal is to work, including arranging $500 million in debt financing.
- Chairman Leonard Riggio, who owns 18% of the company, has said he opposes the deal, according to the WSJ.
- Sandell said it doesn't have the financing in place or agreements with other investors, but thinks it could arrange both.
- Barnes and Noble is down 34.51% this year including the post-proposal bump.
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