WASHINGTON (dpa-AFX) - Barnes & Noble (BKS) agreed to be acquired by funds advised by Elliott Advisors (UK) Limited in an all-cash transaction valued at about $683 million, including the assumption of debt.
Elliott Advisors, the Owners of Waterstones, expects to complete the deal in the third quarter of this year.
Waterstones's Chief Executive Officer James Daunt will also assume the role of Chief Executive Officer of Barnes & Noble after completing the deal.
Elliott will own both Barnes & Noble and Waterstones, with each bookseller to operate independently.
In Friday pre-market trade, BKS is trading at $6.65, up $0.70 or 11.67 percent.
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