Barnes & Noble Founder Scraps Retail Unit Buyout Plans

Law360, New York (August 20, 2013, 11:50 AM EDT) -- Barnes & Noble Inc.’s founding chairman and top stockholder tabled his potential bid for the company’s bookselling business, the company confirmed Tuesday, dousing speculation that has swirled since Leonard Riggio in February outlined plans to make an offer.

Riggio, who owns nearly 30 percent of the company’s stock, told the Barnes & Noble board that he was shelving loose plans for an offer, which analysts had pegged at $1 billion.

Instead, he urged the company to focus on the sale of its Nook e-reader devices and...
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