-WSJ
An activist investor in Barnes & Noble has proposed a transaction that would take the bookseller private with the help of current shareholders and a hefty dose of borrowings, an effort that could face formidable obstacles.
Sandell Asset Management has approached the company with a plan that would value Barnes & Noble at more than $650 million, or more than $9 a share, according to people familiar with the matter. The shares closed Wednesday at $6.60. Some $250 million of the purchase price would come from shareholders keeping their stakes and rolling them over into a new private entity--though according to one person, Chairman Leonard Riggio wouldn't agree to do so. He owns a roughly 18% stake.
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