Liberty Media Plans A Hands-Off Role At Barnes & Noble
25 5월 2011 - 5:34AM
Dow Jones News
Liberty Media (LCAPA, LINTA, LSTZA) Chief Executive Greg Maffei
said Tuesday his company plans to take a hands-off role in the
management of Barnes & Noble Inc. (BKS) if it is successful in
its bid to acquire 70% of the bookseller.
In keeping with its usual acquisition strategy, Maffei said
Liberty intends to take a supportive role at Barnes & Noble,
using its capital and tax resources to help the company manage its
business and exploring possible alliances with its array of other
media and e-commerce businesses.
Liberty's $1.02 billion offer for Barnes & Noble requires
that Barnes & Noble's chairman, Leonard Riggio, remain with the
company and retain his 30% equity stake. Also, Maffei was seen
earlier on Tuesday in New York City at the launch of a new version
of the bookseller's e-reader device, the Nook, chatting amiably
with Barnes & Noble's chief executive, William Lynch, who could
remain at the helm if Liberty is successful.
"We don't know anything about running book stores," Maffei said
later in the afternoon at an investor conference hosted by Barclays
Capital. "They know a hell of a lot about running book stores."
Maffei declined to comment on whether he has communicated with
Barnes & Noble's other significant shareholders. Yucaipa Cos.,
the investment firm run by billionaire Ron Burkle, disclosed Monday
that it acquired 603,000 shares of the bookseller at just under
$18.49 apiece, signaling that it may oppose Liberty's $17-a-share
offer. Yucaipa owns nearly 20% of Barnes & Noble, and could be
an impediment to the deal if it's approved by the Barnes &
Noble board.
Shares of Barnes & Noble closed up 3.9% to $19.32.
Maffei said Liberty's interest in Barnes & Noble is not
tax-driven, and he said its offer price takes into account a number
of factors, including Liberty's estimation of the company's fair
value and what is required for a bid to be successful.
-By Nat Worden and Maxwell Murphy, Dow Jones Newswires;
212-416-2472; nat.worden@dowjones.com
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