
Borders, Ackman Eye Barnes & Noble Bid
William Ackman says he is prepared to fund a bid for Borders to buy Barnes & Noble.
NEW YORK (
) -- Hedge fund manager William Ackman is interested in funding
Borders
(BGP)
in a bid to buy rival
Barnes & Noble
(BKS) - Get Report
, according to a filing on Monday.
Ackman's
Pershing Square Capital Management
said it would fund an offer of $16 per share for Barnes & Noble, valuing the deal at about $963.2 million.
The bid would represent a 20.5% premium over Barnes & Noble's closing price on Friday of $13.38.
Barnes & Noble's stock is surging 18.2% to $15.70 in premarket trading, while Borders is advancing 14% to $1.23.
-- Written by Jeanine Poggi in New York.
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