B&N Dismisses Takeover Proposal - Publishers Weekly

Today's trip into the Catosphere took Panzer to the Publishers Weekly site. There our traveling kitty boy found a post about Barnes and Noble.

Huh?

According to the post by Jim Milliot, Barnes and Noble announced Sandell Asset Management made an  offer to take Barnes and Noble private (buy?) for a reported $650 million.* Apparently, Sandell would start a new company, all the Barnes and Noble shareholders would be required to put their shares into the new company, and then Sandell would control the new company. Barnes and Noble stated in their announcement the company (and founder Len Riggio) had rejected the offer.

Panzer says, "Sandell wants to do what?"

Note: This is a short post. Bring half a cup of tea for today's reading selection.

To read the post, tootle over to Barnes and Noble

*Updated to correct amount offered.