Once a book selling giant, Barnes & Noble sold to hedge fund

A view inside Barnes & Noble 82nd Street

New York City. Noam Galai WireImage

The uphill battle with Amazon has forced Barnes and Noble to go private.

Barnes & Noble has been exploring options for a buyout since at least last October, with multiple parties showing interest including founder-chairman Leonard Riggio.

The man who runs that United Kingdom chain, who will become CEO of Barnes & Noble, said that is what he has in mind for Barnes & Noble.

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The boss of Waterstones is to take charge at Barnes & Noble after the world's largest activist investor struck a deal to buy the American bookseller.

Elliot's offer of $6.50 per share, represented a premium of about 42 per cent to Wednesday's close, the day before media reports of a potential transaction first surfaced.

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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.

Riggio acquired the flagship Barnes & Noble trade name in 1970s, almost a century after Charles Barnes started the business in his IL home. And a spin-off of the company's campus book stores into the separately traded Barnes & Noble Education in 2015 failed to get the more focused and smaller Barnes & Noble back on track either. The company has cut into sales of both Barnes & Noble and independent book sellers alike.

It now runs 627 retail store as of January this year. The bricks-and-mortar giant, on the other hand, has seen its revenue slide each year for the past several years. "I thank Mr. Riggio for his confidence, and I am grateful to Elliott for their commitment to support the continued transformation at Waterstones, and now also the same at Barnes & Noble".

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Parneros, however, rejected the accusations.

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