Barnes & Noble Inc. stock was riding high a day after the world’s largest bookseller said it might put itself up for sale amid struggles against stiff online competition and aggressive takeover moves by a major shareholder.
Barnes & Noble shares soared 19%, or $2.47, to $15.31. The stock had plunged more than 40% in the last three months.
Barnes & Noble Inc. (BKS) shares surged as much as 25% Wednesday, a day after the 137-year-old company said it’s exploring strategic alternatives including an outright sale of the No. 1 U.S. bookstore operator. Some analysts said a buyer may prove elusive.
Further complicating the picture, billionaire investor Ron Burkle holds more than 19 percent of the company and has made it clear in regulatory filings and a lawsuit that he believes Barnes & Noble has been mismanaged.