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No Deal In Sight, Borders Issues Warrants To Ackman
October 1, 2008
With no buyer in sight, bookseller Borders Group has been forced to give an activist hedge fund an bigger say in its future.
The Ann Arbor, Mich.-based company issued warrants for 5.15 million shares to Pershing Square Capital Management, already its largest shareholder with a nearly 29% stake. As part of a March agreement under while Borders hung out a “for sale” sign, without a deal to sell or restructure by Wednesday, the chain had to issue the $7 warrants, which are valid for six years.
Borders runs more than 1,100 stores, and Ackman has been pushing a possible deal with online bookseller Amazon.com.
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