Borders Prepares $964M Bid For Barnes & Noble

Law360, New York (December 6, 2010, 5:05 PM EST) -- Hedge fund manager William Ackman is prepared to put his financial muscle behind a bid by Borders Group Inc. to buy rival Barnes & Noble Inc. for about $964 million.

Ackman, who already owns Borders shares, and his fund, Pershing Square Capital Management LP, are prepared to support a bid of $16 per share, according to a Dec. 3 filing with the U.S. Securities and Exchange Commission.

Mary Davis, a spokeswoman for Borders, confirmed that Ackman had shared his proposal for a merger that "could create...
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