Barnes & Noble founder seeks to buy retail business
NEW YORK (AFP) - Shares of Barnes & Noble soared on Monday after the bookseller's founder and largest shareholder proposed buying the company's retail and online businesses, but not its digital Nook businesses.
Shares in the company were up 10 per cent at US$14.86 in early afternoon trading in New York.
Mr Leonard Riggio, the founder and chairman of the company, said in a regulatory filing that he "plans to propose to purchase all of the assets of the retail business of the Company." Mr Riggio currently holds 29.8 per cent of the shares in company.
Mr Riggio's purchase proposal, filed with the US Securities and Exchange Commission, includes Barnes & Noble stores and online website.