Borders Secures Nearly $1 Billion to Make Bid for Barnes & Noble
Borders has secured enough capital to potentially buy Barnes & Noble to combine the two largest book-selling chains. In a document filed today with the Securities and Exchange Commission, Borders says that its shareholders, including Pershing Square Capital Management L.P. and its CEO, William A. Ackman, are willing to pay $16 a share. With about 57 million Barnes & Noble shares outstanding, the value would be $912 million, reports InternetRetailer.com. No timetable was set for any sale.