NEW YORK (AP) - Key shareholders of Borders Group Inc. say they are willing to finance a takeover bid for rival bookseller Barnes & Noble Inc.
The Borders shareholders, including Pershing Square Capital Management LP, Pershing CEO William Ackman and BGP Holdings Corp., said Monday in a regulatory filing that they would be willing to fund an offer of $16 per share in cash for Barnes & Noble.
With about 60.2 million shares outstanding, that would value Barnes & Noble at about $963.2 million.
Such a bid would be a 20.5 percent premium over Barnes & Noble's closing price Friday of $13.38 a share.
Both Borders and Barnes & Noble have struggled as they have tried to keep pace with discounters and online competitors.