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Barnes & Noble investor Richard Schottenfeld said on Thursday the bookstore chain is worth more than hedge fund Elliott Management’s recent offer.Justin Sullivan/Getty Images

Barnes & Noble Inc. said on Friday it had not received any other offers from prospective bidders before Elliott Management’s “keep-shop” deadline.

Elliott, which offered US$475.8-million to take the bookstore retailer private, had a provision that allows the hedge fund to be entitled to a payment of up to US$4-million if the retailer struck a deal with a third party before the deadline. Thereafter, the breakup fee would be US$17.5-million.

“I can confirm that we received no other bids before last night’s [Thursday] 11:59 p.m. [ET] deadline,” a spokeswoman for Barnes & Noble said.

Barnes & Noble investor Richard Schottenfeld said on Thursday the bookstore chain is worth more than Elliott’s recent offer and he may engage in discussions with the company’s board for its sale.

The U.S. bookstore chain has been exploring options for a buyout since last October. Multiple parties have shown interest, including founder-chairman Leonard Riggio.

Barnes & Noble has been struggling to increase sales at its bookstores, as consumers shift to other hobbies or prefer to order books from online stores such as Amazon.com Inc.

Shares of the bookstore chain were down 2.6 per cent at $6.7 in morning trading.

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