It seems last week’s reports of B&N’s acquisition were greatly exaggerated.
The WSJ reports that book distributor Readerlink is working on a bid for Barnes & Nobles that would top the $683 million deal negotiated by hedge fund Elliott Management.
The purchase agreement with Elliott has a claue that says if B&N strikes a deal with a third party before 11:59 p.m on 13 June, Elliott would be entitled to a payment of up to $4 million. If the deal is struck after the 13th, Elliott would get $17.5 million.
The WSJ said that Readerlink would consider making a bid before the cutoff date if it can get the financing together in time, adding that the company may join with another investor.
Readerlink did not respond to a request for comment, while Elliott and Barnes & Noble have each declined to comment.
Wow – can you beleive there are actually two companies that want to buy B&N, and not just so it can be stripped for parts?