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 No timetable was set for any sale.

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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik