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Ackman Offers To Finance A Borders Buyout Of Barnes & Noble

DOW JONES NEWSWIRES Activist hedge fund manager Bill Ackman reported a 37% stake in Borders Group Inc. (BGP), up from 31% as of May, and said he would be prepared to finance the bookseller's purchase of larger rival Barnes & Noble for about $900 million. The proposed $16-a-share offer for Barnes & Noble compares with the book chain's $13.28 Friday closing price. Its shares, down 30% this year as of Friday's close, were inactive in recent premarket trading. Spokesmen from Borders and Barnes & Noble weren't immediately available for comment. Barnes & Noble last month posted its third-straight quarterly loss and gave a muted forecast, though its bottom line improved from the prior year as revenue from a college-bookselling business it bought from its chairman last year added to results. Meanwhile, Borders has struggled amid a sharp decline in sales and customer traffic, while its margins have continued to fall. Its chairman, Bennett LeBow, has been tightening his grip on the struggling bookseller, as shareholders in September voted to give him veto power on changes to any executive officer post. His stake as of October was 35%. Ackman often takes large stakes in the handful of companies in which he invests. He recently stepped up his position in Fortune Brands Inc. (FO), the maker of Jim Beam bourbon, Moen faucets and Titleist golf balls. The Wall Street Journal last month reported the company might cooperate with him on a breakup plan. He also recently increased his stake in J.C. Penney Co. and said he is teaming up activist efforts with Vornado Realty Trust (VNO). Borders closed Friday at $1.08 and was inactive premarket. The stock had declined 8.5% so far this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Borders (BGP)
DateTimeHeadline
02/16/201109:14:36CORRECT: Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:59:47Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:53:02Borders Files For Bankruptcy Protection With $1.29 Billion Debt-Bloomberg
02/04/201118:38:33NYSE Warns Borders Stock Price Too Low For Continued Listing
01/30/201118:40:10Borders Again Delays Payments To Vendors, Also Skips Others
01/27/201118:38:48Borders Gets Potential $550 Million Of Financing From GE; Shares...
01/12/201117:18:53Borders To Shut Warehouse; Talks With Publishers On Tap -Report
01/04/201117:00:53MARKET SNAPSHOT: U.S. Stocks Get Boost From Fed Minutes
01/04/201115:42:13Agree Realty's Shares Hit The Skids As Borders Woes Deepen
01/04/201114:06:41MARKET SNAPSHOT: U.S. Stocks Pause In Run To Two-year Highs
12/31/201017:19:05MARKET SNAPSHOT: U.S. Stocks Extend Gains Into Second Year
12/31/201010:25:10MARKET SNAPSHOT: U.S. Stocks Set To End Strong Year With Minor...
12/09/201017:01:57Borders 3Q Loss Widens On Lower Sales, Margins; Stock Falls
12/06/201007:23:35Ackman Offers To Finance A Borders Buyout Of Barnes & Noble
10/08/201014:51:32How Ackman's Pershing Square Stalked J.C. Penney
09/30/201018:05:34Borders Shareholders Approve Share Issuance, Executive Proposal
09/29/201012:09:35Borders Delays Meeting On Share Issuance Until Thursday
09/28/201011:53:38Borders To Open 25 Seasonal 'Pop-Up' Stores In US Malls
09/02/201008:11:22Former Borders CFO Bierley To Take Same Job At Pantry
09/01/201010:14:19MARKET SNAPSHOT: U.S. Stocks Rally On Global Growth Hopes

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