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Originally Posted by rcentros
Were these buyout offers public knowledge?
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Those kinds of things are typically kept secret until the prospective buyer is done with due diligence and the offer goes out to the stockholders. Not always though. (This year's tug of war between Disney and Comcast over Fox was public well before Comcast tendered their formal offer.)
There have been a couple of public offers to buy B&N by the same investor but neither was credible. More likely they were attempts to draw in other bids so he could offload his stock.
A bid by a retailer? Nothing public though there was talk of Indigo possibly buying B&N last year. Instead, Indigo decided this year to roll their own.
As for Parneros looking to hurt B&N, well yeah; of course!
The way B&N handled it ended all possibility of him ever getting hired by anybody anywhere.
Typically CEO firings are disguised and sugar coated to prevent exactly what is happening. Parneros is either truly innocent of the charges and is looking for vindication or he is guilty or at least a big jerk and is looking for revenge. Regardless he has nothing left to lose.
Since these suits take months to years to be settled, the lawsuit might just outlive B&N.
And while the suit is active the well is good and poisoned; no investor or buyer is going to risk taking on the potential liability of a Parneros win.
This one is all or nothing for both sides.