Richard Schottenfeld, an investor with a 3.4% stake in B&N, said on Thursday that the retailer is worth more than Elliott Management’s recent offer. He urged the company’s special committee to reevaluate all offers and consider the superior bid, and said he may engage in discussions with the company’s board regarding its sale.
Elliott’s offer includes a clause that says if B&N strikes a deal with a third party before midnight Thursday, the hedge fund would be entitled to a payment of up to $4 million. If that better deal is struck after the 13th, Elliott would get $17.5 million.
Barnes & Noble declined to comment.