And there’s a powerful disincentive if they do: On Thursday, Elliott’s “keep-shop” provision in its merger agreement expired, meaning that if B&N now goes with another buyer, the break-up fee more than quadruples, to $17.5 million. Other potential acquirers have made noises but have yet to step forward. The good news: Barnes & Noble, the nation’s largest bookstore chain (it has about a fifth of the physical book market), is to be sold to hedge fund operator Elliott Advisors, headed by Paul Singer, for $638 million. The stock has leapt 61% since the deal announcement June 7. The company's shares have nowhere to go but up. For long-suffering Barnes & Noble investors, a resurgence would be welcome.
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