June 7, 2019 / 11:20 AM / 2 months ago

Barnes & Noble to be bought by hedge fund Elliott in $683 million deal

June 7 (Reuters) - Barnes & Noble Inc said on Friday it would be bought by hedge fund Elliott Management Corp in an all-cash deal valued at about $683 million, including debt.

Shareholders of the once-dominant U.S. book retailer would be paid $6.50 per share, representing a premium of about 42% as of Wednesday’s close.

The company’s shares surged about 34% on Thursday after the Wall Street Journal reported that a deal between the activist hedge fund and bookseller could be reached soon.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli

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