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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.