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Sept 19 – Sept 25, 2011 Edition FED Okays Liberty Investment in Barnes & Noble
New York, NY (September 20, 2011) Barnes & Noble, Inc. (NYSE: BKS), the worlds largest bookseller, today announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Act.
Barnes & Noble announced on August 18 that Liberty Media invested an aggregate of $204 million in the Company through the purchase of newly issued convertible preferred stock. Under the terms of the strategic investment, Liberty purchased preferred stock, convertible into approximately 12 million shares or 16.6% (after giving effect to the issuance) of the Company’s common stock at a price of $17 per share, and with a dividend rate of 7.75% per annum to be paid quarterly.
Under the terms of the investment, Liberty has elected two nominees to Barnes & Nobles board of directors. Barnes & Noble will expand its board to eleven members to include Gregory B. Maffei, Liberty Medias President and CEO and Mark D. Carleton, Senior Vice President of Liberty.