Last week, a Barnes & Noble activist investor with a “meaningful” stake in the company contacted the board of directors with the recommendation to sell itself. Upon the news that the bookseller might go private, its stock bumped up by 10 percent.
CNBC reported that Sandell Asset Management had acquired a stake in B&N, and in its letter to the board stated the company had “beachfront property” that would be attractive to other companies looking for more retail space.
B&N’s spokesperson responded by encouraging the activist investor to communicate with the company.
Of note, per CNBC:
“Though Sandell has declined to disclose the size of its investment, it would fall below the 5 percent threshold required by the Securities and Exchange Commission to file a 13D, making the investment less than $26 million.”
Also of note: Over the past year, B&N’s stock has fallen more than 30 percent.