Poignant that this should coincide with the launch of Google eBooks
The activist investor William Ackman yesterday offered to finance a $16-per-share Borders-led takeover bid for rival bookseller Barnes & Noble Inc.
Ackman and his Pershing Square Capital Management said they would be willing to fund a cash offer that would value Barnes & Noble at about $963.2 million. That is nearly 21 percent more than Barnes & Noble’s closing price on Friday.
In documents filed with regulators, Ackman disclosed a 37 percent stake in Borders, up from 31.5 percent in May.
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