Major Barnes & Noble Shareholder Cuts Stake

Aletheia Research and Management Inc., the third-largest shareholder in Barnes & Noble, has cut its stake in the bookseller just weeks after Liberty Media Corp. offered to buy the company, Reuters reported. According to filings with the S.E.C., Aletheia held an 8.65% stake on June 1, down from a 10.59% stake in April. Last month, Liberty Media offered $17 a share for Barnes & Noble, or roughly $1 billion.

(Reuters) – Barnes & Noble Inc’s third-largest shareholder, money manager Aletheia Research and Management Inc, reported a reduced stake in the company, weeks after John Malone’s Liberty Media Corp offered to buy the bookstore chain for $1 billion.

In a filing with the U.S. Securities and Exchange Commission on Wednesday, Aletheia said as of June 1, it had an 8.65 percent stake, or 5.2 million shares, in the company.

That is down from the 10.59 percent stake it held as of April 20. Aletheia is third to Chairman Len Riggio and Ron Burkle’s Yucaipa in terms of stake in the company.

In September last year, Barnes & Noble beat back an effort by Burkle, supported by Aletheia, to land a seat on the board. In November, Aletheia had voted in favor of ratifying the poison pill.

In May this year, Liberty Media offered $17 a share for Barnes & Noble, nine months after the largest U.S. bookstore chain put itself up for sale.

Barnes & Noble shares closed at $18.97 Tuesday on the New York Stock Exchange. They have risen more than 30 percent since Liberty Media made its offer. (Reporting by Nivedita Bhattacharjee; Editing by Saumyadeb Chakrabarty)