Barnes & Noble Education (NYSE:BNED) shares rocketed higher on Tuesday, potentially driven by ongoing developments surrounding a potential strategic transaction with the company.
What’s Going On: At the beginning of the month, activist investors Outerbridge and Greenhaven delivered a preliminary $114.5 million recapitalization proposal to Barnes & Noble Education’s board.
The proposal included a $57 million rights offering backstopped by Outerbridge, Greenhaven and others, as well as a $57 million direct investment from eight investors at 35 cents per share. Greenhaven and Outerbridge would also have a ...