Barnes & Noble.com
soared in very heavy trading Friday after
Barnes & Noble
, the nation's largest bookseller, offered to acquire the 25% of its dot-com spinoff that it doesn't already own.
Shares in Barnes & Noble.com were up 57 cents, or 25%, to $2.82. More than 22 million shares had changed hands -- about 80 times normal daily trading volume.
Barnes & Noble is offering $2.50 a share in cash for each Barnes & Noble.com share.
Barnes & Noble valued the offer at $115 million, but on the basis of the number of outstanding shares, the price tag works out to about $102 million.
In September, Barnes & Noble purchased German-based
37% stake in the dot-com company for $164 million, or $2.80 a share, raising its own stake to 75%.
With Barnes & Noble.com shares trading near that level rather than the offer price, investors appeared to be expecting -- anticipating -- a sweetened bid.
Barnes & Nobles shares were up 28 cents, or 0.9%, at $30.65, a 52-week high. It launched the Web-based company during the height of the Internet boom in an effort to fend off