The offer has not yet been evaluated by Barnes & Noble, and cannot be considered definitive. The acquisition is contingent on founding chairman Leonard Riggio maintaining his equity ownership and continuing his role in management.
Liberty's equity ownership, which would be attributed to the Liberty Capital group, is expected to be approximately 70 percent of Barnes & Noble. Liberty expects that its cash contribution toward the purchase price will be in the range of $500 million, depending on financing.
Reuters reported that shares of Barnes & Noble rose 24.7 percent to $17.60 in after-hours trading after the announcement, indicating that investors anticipate other offers to follow.
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