New York -- Leonard Riggio, founder and chairman of Barnes & Noble, has told the company’s board that he wants to make an offer for its retail business. Riggio is Barnes & Noble’s largest shareholder, owning nearly 30% of the company.
The offer would not include Nook Media, Barnes & Noble’s e-book division.
Barnes & Noble said in a statement that it had formed a special board committee of three directors to consider Riggio’s proposal. There is set timetable for the process.
The filing with the U.S. Securities and Exchange Commission says Riggio will seek to negotiate a price with Barnes & Noble's board and pay for the deal with cash and debt.
Riggio is making the offer in order to facilitate the company's review of its strategic options for separating its Nook business, according to the filing.
Barnes & Noble operates 689 bookstores in 50 states and 674 college bookstores.