G Asset offers to buy 51 percent stake in Barnes & Noble or Nook

Reuters News
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Posted: Feb 21, 2014 2:24 PM

NEW YORK (Reuters) - Investment firm G Asset Management said on Friday that it had offered to take a 51 percent stake in either Barnes & Noble Inc or in the bookseller's Nook digital books and device business.

G Asset said the proposal for Barnes & Noble as a whole would be for $22 per share, while the offer for Nook would be for $5 per share. The firm said it had made an earlier offer in November.

Barnes & Noble shares were up 7.2 percent at $17.99 in afternoon trading.

A Barnes & Noble spokeswoman declined to comment beyond confirming that the company had received G Asset's offer.

(Reporting by Phil Wahba in New York; Editing by Lisa Von Ahn)