Barnes & Noble Executives Buy Big Stake in barnesandnoble.com IPO.NEW YORK--(BUSINESS WIRE)--July 6, 1999-- 4.5 Million Shares, Almost 16% of the Shares Sold, Bought By Barnes & Noble Employees Barnes & Noble, Inc. (NYSE NYSE See: New York Stock Exchange :BKS BKS Barracks BKS Best Kept Secret (gaming) BKS Bildung, Kultur Und Sport (German) BKS Brookside (city) BKS Bergen Kirurgiske Sykehus (Bergen, Norway) ), the nation's largest bookseller, reported today that its chairman, senior executives and board members bought a substantial stake in the initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of barnesandnoble.com (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNBN). In order to buy this stake, some executives and board members sold a small portion of their Barnes & Noble stock options, less than ten percent of their current holdings. The executives included Vice Chairman Stephen Riggio; Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Alan Kahn; David Cully cul·ly Archaic n. pl. cul·lies A fool or dupe. tr.v. cul·lied, cul·ly·ing, cul·lies To fool; cheat. [Perhaps from cullion.] , President of Barnes & Noble Distribution; Mitchell Klipper, President of Barnes & Noble Development; and Tom Tolworthy, President of Barnes & Noble Booksellers. In accordance with company practice, Barnes & Noble executives and board members waited to exercise their Barnes & Noble options until after the fiscal 1998 results were announced on March 11, 1999. In addition, Leonard Riggio, chairman and chief executive officer of Barnes & Noble, Inc. and chairman of barnesandnoble.com, bought eight percent, 2.3 million shares, of the barnesandnoble.com stock sold through the IPO. All told, Barnes & Noble employees and board members bought a total of approximately 4.5 million shares in the barnesandnoble.com IPO, almost 16 percent of the shares sold. "The fact that I and so many other Barnes & Noble booksellers invested in the barnesandnoble.com IPO is a testament to our confidence in the future of our online business," said Mr. Riggio. About Barnes & Noble, Inc. Barnes & Noble, Inc. (NYSE:BKS) operates 519 Barnes & Noble and 459 B. Dalton bookstores. Barnes & Noble stores stock an authoritative selection of book titles and provide access to more than one million titles. They offer books from more than 50,000 publisher imprints with an emphasis on small, independent publishers and university presses. Barnes & Noble is one of the world's largest booksellers on the World Wide Web (http://www.bn.com), and the exclusive bookseller on America Online See AOL. (Keyword: bn). barnesandnoble.com has the largest standing inventory of any online bookseller. Barnes & Noble also publishes books under its own imprint for exclusive sale through its retail stores, mail-order catalogs, and Web site. General financial information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company's investor relations Investor relations The process by which the corporation communicates with its investors. Web site: http://www.shareholder.com/bks/. |
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