G Asset Management has offered to buy a 51% stake in Barnes & Noble (BKS +7%) at a $22/share valuation, or (alternatively) a 51% stake in the Nook division at a $5/share valuation. B&N shares have jumped to the $18 range in response.
The money manager adds its offer is subject to due diligence and "the obtaining of necessary financing," as well as access to B&N's credit facility and balance sheet cash. It thinks "substantial shareholder value" would be created if the Nook segment was separated from B&N's profitable units.
Two years ago, G Asset offered to buy B&N's college bookstore business for $460M.