Barnes & Noble Education (NYSE:BNED) shares are moving higher Wednesday. The stock appears to be trading on continued volatility surrounding a possible strategic transaction with the company.
What Happened: Activist investors Outerbridge and Greenhaven submitted a preliminary recapitalization proposition of $114.5 million to the board of Barnes and Noble at the start of the month.
The proposal featured a $57 million rights offering, guaranteed by Outerbridge, Greenhaven and others, alongside a separate $57 million direct investment from eight investors at a price of 35 cents per share.
Additionally, Greenhaven and Outerbridge would be ...