Barnes & Noble considers sale to company chairman

NEW YORK — Barnes & Noble founder and chairman, Leonard Riggio, has notified the company's board of directors of his intentions to purchase the company's retail business.

The process of evaluating a proposal and negotiation of any transaction will be overseen by a strategic committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is chair of the strategic committee. The strategic committee has selected Evercore Partners to serve as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as its legal advisor.

Barnes & Noble said there can be no assurance that the review of Riggio’s proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction. There is no timetable for the strategic committee’s review. The company does not intend to comment further regarding the evaluation of Riggio’s proposal, unless and until definitive agreements for a transaction are entered into or the strategic committee determines to conclude the process.