Elliott Management in the process of acquiring the Barnes & Noble bookseller

Elliott Management is the main bidder for the Barnes & Noble bookseller under a contract that could be announced as of the end of the week, the Wall Street Journal reported on Thursday.

Barnes & Noble shares were briefly interrupted in the media and climbed more than 24% as negotiations resumed. Talks between Elliott and other Barnes & Noble candidates are still ongoing and the deal is not guaranteed, the newspaper quoted people close to the issue as saying.

The newspaper said that the terms of the agreement were not known. Barnes & Noble has been subject to continued pressure from Amazon and independent booksellers. Its shares have fallen about 25% since the beginning of the year, giving it a market capitalization of $ 336 million.

The retailer said last year that it was exploring a sale after receiving "expressions of interest" from "several parties", including its chairman, Leonard Riggio, who had founded the company in 1965.

In March, Barnes & Noble announced steady sales during the holiday season and warned investors against weaker-than-expected annual results as the company struggled with slower traffic and weaker sales momentum.

Part of the bookseller's turnaround was to close some of its more than 600 stores in the United States and to expand into smaller spaces that have a fresh, modern look. The company said its prototype stores are encouraging buyers to buy books online or from a tablet.

Barnes & Noble appointed a board committee to review the company's offerings in October 2018.

The company did not immediately respond to the request for comment.

Read the Wall Street Journal report.