Wave goodbye to your sprawling, visually unpleasing local Barnes & Noble bookstore. Elliott Management announced Friday it plans to acquire Barnes & Noble for $683 million. That playbook saved the U.K. bookseller, with more than 200 locations, and it centers on getting the nuts and bolts of selling books correctly in the digital download age. Being an activist firm, Elliott Management will likely want to sell the entire book operation at some point for significantly more than it paid.
It can only do that if the overall business is growing again. “We must get it right at the beginning,” Daunt says. Daunt and Elliott Management is not without one near-term challenge, however. Book re-seller Readerlink LLC is reportedly working on putting forth a higher bid for Barnes & Noble.
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