Barnes & Noble announces strategic review, stock jumps more than 20%

FAN Editor

Shares of Barnes & Noble jumped more than 20 percent on Wednesday after announcing a strategic review.

The announcement follows expressions of interest from multiple parties, including its Chairman Leonard Riggio, it said in a statement.

The company’s board has appointed a special committee to oversee the process.

Riggio “has committed to support and vote his shares in favor of any transaction recommended by the special committee,” it added.

The retailer also said it has adopted a short-term shareholder rights plan after noticing “rapid material accumulations of its stock.”

This story is developing. Please check back for updates.

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