There's a firm offer From Elliott Management to buy B&N for $683 million, and a rumor of a higher bid being in the works, and now one B&N investor wants even more money.
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.
image by batmartin79 via Flickr
There was no alternate bid in time. Elliot seems to have a better idea on what to do than others.