Barnes & Noble (BKS) - Get Report shares were gently lower Wednesday after the New York bookseller reported a narrower fiscal-fourth-quarter loss on 3.9% lower sales.

For the quarter ended April 27, B&N, which has agreed to be acquired by the hedge fund Elliott Management, had a loss of $18.7 million, or 26 cents a share, compared with a year-earlier loss of $21.1 million, or 29 cents.

Sales slipped to $755.4 million from $786.1 million. Fourth-quarter comparable-store sales fell 2.3%. 

The shares on Wednesday were off 0.8% at $6.63.

B&N on June 7 said Elliott Management had agreed to pay $6.50 a share, or about $475 million, for the company.

Last week, the stock rose on a report B&N was set to receive a superior bid from the Oak Brook, Ill., book distributor Readerlink. The company denied that report, saying it had not received any other bids since Elliott's. 

Elliott last year bought the U.K.'s largest bookstore chain, Waterstones.

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