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Posts Tagged ‘bidders’

Najafi Companies in Negotiations with Borders

Najafi Companies, an investment firm headed by Jahm Najafi, has expressed an interest in purchasing Borders’ 265 superstores, website operations and customer lists.

According to The Wall Street Journal, the firm has had past dealings in the publishing industry. In 2008, Najafi picked up Direct Brands Inc., company that owns the following brands: the Book of the Month Club, the DoubleDay Book Club, and Columbia House DVD.

Here’s more from the investor’s site description: “Najafi Companies is an International private investment firm based in Phoenix, Arizona. The firm makes highly-selective investments up to $1 billion in transaction value in companies with strong management teams across a variety of industries, and often in industries out of popular favor.”

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Borders Counts ‘Several Bidders’

Judge Martin Glenn granted Borders an extension to finalize its reorganization plans following news that “several bidders” are interested in the bookstores.

Here’s more from The Detroit News: “Several bidders are interested in buying the bulk of Borders’ stores, lawyer Andrew Glenn said Thursday at a hearing in U.S. Bankruptcy Court in Manhattan. Glenn said he couldn’t discuss the details of any offers, but indicated the company hopes to complete a sale within two to four weeks.”

What do you think? The bids include a proposal from The Gores Group for approximately $200 million. When CEO Mike Edwards spoke with AnnArbor.com, he did stress that “publishers are going to make or break our ability to transform this company at the end of the day.” (via Publishers Weekly)

Why Did Liberty Media Bid for Barnes & Noble?

As we previously noted, Liberty Media Corporation, a company chaired by entrepreneur John C. Malone, has submitted a proposal to bid for Barnes & Noble. The offer of $17 per share appraises the company valuation at $1.02 billion. Last week a New York Times article speculated on why Liberty bid for Barnes & Noble.

Here’s more from the article: “So far, most of the reasons given for the interest in Barnes & Noble center on its e-reader, the Nook. Mr. Malone implied that the Nook was a primary reason for Liberty Media’s bid at the company’s shareholder meeting on Monday. Though exact figures are unavailable, Barnes & Noble captured as much as 27 percent of the e-book market with its Nook, according to a Goldman Sachs report.”

The article also offered the theory that Borders’ bankruptcy has also influenced Malone’s offer. Borders’ struggles helped eliminate competition on the brick and mortar side of the business. What do you foresee for the bookseller’s future? (via Publishers Weekly)