Liberty Media offers to pay $1B for Barnes & Noble

May 19, 2011 - 7:30 PM

NEW YORK (AP) — Book seller Barnes & Noble Inc. says online retail, media and communications conglomerate Liberty Media Corp. offered to buy the company for $17 per share in cash. That amounts to about $1.02 billion, based on its outstanding common shares as of March.

The offer price is nearly 21 percent higher than Barnes & Noble's Thursday closing stock price of $14.11.

Barnes & Noble shares jumped almost 3 percent in extended trading.

The companies haven't yet signed an agreement, and the deal is still subject to closing conditions. One condition of the deal is that founding chairman Leonard Riggio keeps a stake in the company and remains in a management position, Barnes & Noble says.

Barnes & Noble says a committee of its board will evaluate the offer.