Barnes & Noble receives stake offer worth $661 million

Barnes & Noble (NYSE:BKS) has received an offer from G Asset Management, a firm that focuses mostly on private investment deals, to acquire a majority stake in the struggling bookseller. The firm submitted a buyout offer for 51 percent of Barnes & Noble's outstanding market shares at $22 a share, an increase over the company's current value of $17.66 a share as of Tuesday. Altogether, the offer is worth about $661.5 million.

New York-based G Asset also submitted an alternative proposal to buy 51 percent of Barnes & Noble's Nook e-book division at $5 a share.

Barnes & Noble confirmed receiving the offer but has not responded publicly about its status.

This is not the first time that Barnes & Noble has been pursued by G Asset Management. The firm previously offered Barnes & Noble $20 a share in November and urged the board of directors to consider spinning off the dwindling Nook division.

Barnes & Noble has faced several hardships in recent years as consumers increasingly turn to cheaper e-books and Amazon's aggressively discounted book prices. The Nook division can't keep up with Apple's iPad or Amazon's Kindle, and reported a 32 percent year-over-year decline during the most recent quarter. In light of these troubles, Barnes & Noble said that it was reducing the size of its Nook segment staff. 

Former CEO William Lynch resigned in July amid declining sales as the bookseller reported an annual net loss of $154.8 million in the 2012 fiscal year. Michael Huseby, the head of its digital division, was named chief executive in January.

For more:
-See this Wall Street Journal article
-See this Daily Finance article

Related stories:
Barnes & Noble reports decline in revenue on weak Nook sales
Barnes & Noble facing SEC inquiry on finances
Barnes & Noble restates years' worth of bookkeeping
Is B&N CEO's resignation further proof of an imminent sale?
Barnes & Noble abandoning its color Nooks

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