@brecklundin: No, Apple has nothing to gain by buying B&N. They have no experience in the physical book business -- 2000 retail outlets across the US. There are some synergies, yes: but B&N does not give Apple any more access to content -- which it might if it purchased Bertelsmann, for example. At best, Apple might run B&N as a hobby.
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Market cap jumping 25% is a straight line function of the stock price rising from $12 to $16 thanks to a handful of shares trading once the markets are closed. That's not a wow.
In addition to the press release in the OP, here's a Reuters story:
http://www.nytimes.com/reuters/2010/...e.html?_r=1&hp The nub of the opportunity is the investor founder, still holding the most shares, is considering ways to exit or enhance his current holdings by making the stock more "liquid" than it is.
The main question is whether you believe B&N needs access to more capital -- which fresh shareholders could provide -- or if it needs new brains at the top to re-think the business direction. Or, perhaps, it needs both. To the extent that senior management is distracted by "putting the company in play", it is a potential risk in the medium term and surely this is a point in the e-book and book retailing industry where all hands need to be on deck and operating with a common vision.