In the wake of reported disapproval from the Federal Trade Commission, bookseller and direct marketer Barnes & Noble Inc. has ended its proposed $600 million takeover agreement with wholesaler Ingram Book Group.
Although both companies said the transaction would ultimately be approved in the courts, protracted litigation would not be in the best interests of either company.
“Although we believe the Ingram acquisition would have provided benefits to both Barnes & Noble and the entire industry, including consumers, publishers and booksellers, our long-range financial interests will not be affected,” said Barnes & Noble chairman and CEO Leonard Riggio, in a statement. “We remain committed to leading the marketplace and offering consumers the best value, choice and service in the bookselling industry. By terminating the acquisition, we now have available the $600 million for other strategic investments and acquisitions.”
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