New plans for a Barnes & Noble buyout were announced Monday, Feb. 25, and some find the details of the deal quite intriguing. CNN Money reports that B&N Chairman Leonard Riggio has filed with the Securities and Exchange Commission to buy the company's stores. However, he plans to leave the Nook e-book business as a separate spin-off.
The price of the Barnes & Noble buyout haven't been disclosed. Riggio already owns almost 30 percent of the company, and B&N has already been discussing the possibility of creating a spin-off comparny for the Nook business. Microsoft currently owns a 17.6 percent stake in the Nook. Business for B&N has been lower than expected, and there have been plans to close a number of stores.
Businessweek notes that the stock for retailer (BKS) jumped 9.3 percent after the Barnes & Noble buyout announcement became public. Fans of the bookstore giant will have to stay tuned to see just how this proposed buyout affects B&N and the current connection with the Nook device and e-book sales.
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