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Borders Gets Delisting Notice

In early December, hedge fund manager Bill Ackman, whose Pershing Square Capital Management owns securities representing a 41.8% stake in Borders, offered to finance an acquisition by the company of rival Barnes & Noble (BKS). The cash-and-stock deal envisioned then would have valued Barnes & Noble common shares at $16 each but it never seemed to get off the ground.

In its Form 8-K related to the delisting notice, Borders notes that following the occurrence of an actual "delisting event" -- as stipulated by the agreement related to its issuance of warrants to acquire roughly 26 million of its common shares to Pershing Square back in April 2008 -- the hedge fund has the right to require the company to redeem the warrants for their prevailing cash value, as determined by an independent appraiser.

Borders is currently slated to report its fiscal fourth-quarter results on March 28.

-- Written by Michael Baron in New York.



>To contact the writer of this article, click here: Michael Baron.

>To submit a news tip, send an email to: tips@thestreet.com

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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