Investment Group Acquires 5.7% Stake in B&N
According to a filing made with the Securities and Exchange Commission, Schottenfeld began buying B&N shares on May 29 and made his most recent purchase July 16, accumulating 4.2 million B&N shares. Schottenfeld paid between $5.32 and $6.57 per share for his stake. B&N’s shares began the year trading at $6.70, and closed at $5.65 per share on July 23.
In its filing, Schottenfeld said it purchased its stake believing B&N’s shares are “substantially undervalued and represent an attractive investment opportunity.” The filing further stated that representatives from Schottenfeld have already talked to B&N about ways to increase shareholder value, and intend to continue to hold discussions with B&N management and its board to review strategic alternatives the company might pursue.
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