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Barnes & Noble Case Summary

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On the 21st of February, 2014, Michael A. Glickstein, owner, president, chief investment officer, and sole employee of G Asset Management LLC, a private investment firm, announced it had offered to purchase a majority share of Barnes & Noble. In his press release, Glickstein stated his plan to acquire 51% of the retail bookseller at a price of $22 per share. Immediately following the announcement of the potential acquisition, Barnes & Noble’s stock price, which was valued at $17.05 increased to $18.99. Within minutes, the New York Stock Exchanged halted trading of the stock briefly due to the spike, which was in excess of 10%. After trading resumed, the price of the stock decreased, but ultimately closed at $17.69, representing an increase of $0.64 since G Asset Management’s press release. Between the purchase announcement and closing, over 12 million share of Barnes & Noble were traded, a significant shift to its average daily volume of 1.3 million shares. …show more content…

In the months prior to the press release, the three accounts had acquired approximately 14,000 shares and 30,000 call options in Barnes & Noble. Furthermore, in the days leading up to the press release, they acquired an additional 1000 shares and 7,919 call options. Before closing on the day of the press release, the accounts sold 3000 shares and 3400 call options. In addition, after exercising call options to acquire an additional 184,000 shares, 142,600 were sold the following business day. In total, the accounts managed by G Asset Management profited

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