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Edition: U.S. Article Comments (0) Slideshow Global Technology Summit Facebook looks at China Competition gets ugly in hot mobile games market Google, Apple not unassailable in smartphone race Verizon eyes family data plans European start-ups shy away from IPO frenzy Venture funds look beyond social media Alcatel CEO looks to future growth SAP sees growth from new businesses NXP says demand for NFC chips to soar Video: LivingSocial's Tim O'Shaughnessy on company growth Follow Reuters Facebook Twitter RSS YouTube Read Israel's Netanyahu rejects Obama proposal on borders | 4:44pm EDT Famed pro wrestler "Macho Man" dies in crash 2:45pm EDT Media zoom in on mystery Schwarzenegger mistress | 18 May 2011 Sony hacked again 3:14pm EDT Spain government rethinks ban as youth protests grow 4:19pm EDT Discussed 104 Texas county official says ”stupid” feds sparked fire 101 Obama and Netanyahu face tense meeting on Mideast 81 Israel-Palestinian violence erupts on three borders Watched End of the world as we know it...on May 21 Wed, May 18 2011 Arnold Schwarzenegger's mystery woman identified Thu, May 19 2011 Netanyahu rejects Obama proposal Sat, May 21 2011 small business The top 100 business minds What does the head of Al Jazeera and comedian Conan O'Brien have in common? They're two of the world's 100 most creative business people, according to Fast Company magazine. See who else made the list. Full Article VC funds look beyond social media Can a Navy SEAL help your business? Bad weather is big business for startup Malone eyes Nook in "cheap" Barnes & Noble bid Tweet Share this By Phil Wahba and Yinka Adegoke NEW YORK (Reuters) - John Malone, the billionaire pioneer of cable television, likes a bargain, and his $17 a share bid for Barnes & Noble Inc, is already being slammed for undervaluing the largest U.S. bookstore... Email Print Related News Wall Street slips on euro zone, spillover effect feared 4:47pm EDT Liberty Media offers $1 billion for Barnes & Noble Thu, May 19 2011 Amazon says e-books now outselling paper books Thu, May 19 2011 UPDATE 1-Amazon says e-books now outselling paper books Thu, May 19 2011 Staples disappoints; some want office chains to merge Wed, May 18 2011 Analysis & Opinion The LinkedIn pop Goldman Sachs in danger of looking average Related Topics Technology » Hot Stocks » Asian Markets » Media » 1 / 2 Ben VanderWerp demonstrates the features of a Nook e-reader for a customer at a Barnes and Noble store in Boston, March 18, 2011. Credit: Reuters/Brian Snyder By Phil Wahba and Yinka Adegoke NEW YORK | Fri May 20, 2011 2:47pm EDT NEW YORK (Reuters) - John Malone, the billionaire pioneer of cable television, likes a bargain, and his $17 a share bid for Barnes & Noble Inc, is already being slammed for undervaluing the largest U.S. bookstore chain. Shares of Barnes & Noble jumped over 30 percent to $18.44 on Friday as Wall Street analysts argued the company was worth more, pointing to the growing success of the bookseller's Nook e-reader as an opportunity to be exploited by Malone's Liberty Media Corp. They said the jump also showed that investors believe other bidders are bound to come in. Until the Liberty Media offer, the 9-month long auction process was said to be moribund. A month ago, Barnes & Noble shares had fallen as low as $8.45. Long-time watchers of Malone said he would likely not raise his bid by much more and that the financial opportunity was probably more important than its business strategy. "Malone will no doubt see value in the brand and the franchise and believe they can derive incremental value in the business," said Collins Stewart analyst Thomas Eagan. Malone, 70, is known in the media business for his shrewd tax-efficient investments and owns stakes in a wide range of media and Internet assets including shopping channel QVC, satellite company DirecTV Group and Starz Entertainment. During his run as an operator in the cable TV business he was known as a ruthless operator and former U.S. Vice President Al Gore dubbed him "Darth Vader." Apart from media, this year Malone became No. 1 private landowner in the United States with 2.1 million acres of land. Barnes & Noble said late on Thursday that Liberty Media had offered $17 per share, or $1.02 billion, and that a special board committee would look at the bid. Liberty Media said the offer is for about 70 percent of the bookseller, which will be attributable to its Liberty Capital tracking stock. The company said its cash contribution toward the purchase, depending on the financing it can obtain, will be around $500 million. Liberty's offer is conditional on top shareholder and founding Chairman Leonard Riggio keeping a stake in Barnes & Noble, which he built from a local New York bookstore into a national chain, and staying involved in running the company. Malone's Liberty Media has pursued a strategy in recent years to snap up cheap distressed media-related assets in the hope of making an outsized return on investment. In February 2009, Malone snapped up a 40 percent stake in Sirius XM Radio by lending $530 million to the satellite radio company, which was on the verge of bankruptcy. Malone was rewarded in just a few months after Sirius turned its business around and the stake is now worth more than $3.5 billion. STORE CLOSINGS Barnes & Noble, which has faced years of declining print book sales, put itself up for sale in August, saying its shares were undervalued. Janney Capital Market analyst David Strasser called the $17 offer "inadequate." "Barnes & Noble has the potential for earnings well in excess of their previous peak earnings simply by maintaining its current 27-28 percent market share in digital books," Strasser wrote in a research note. Barnes & Noble operates 720 superstores, but readers have been gradually switching to digital books from print versions. One person familiar with Liberty Media's thinking said the company had been most interested in the Nook during talks, implying very little interest in keeping stores open. If Liberty Media wanted to close Barnes & Noble stores, it would be easier than it was for bankrupt rival Borders Group. Barnes & Noble has about 400 leases up for renewal by April 30, 2015, with over half set for 2012 and 2013. In contrast, Borders, which has closed nearly half of its superstores since filing for Chapter 11 protection, was locked into long-term leases. In 2009, Barnes & Noble introduced the Nook to compete with Amazon.com's market-leading Kindle e-reader. Forrester Research estimates Barnes & Noble is now second only to Amazon in e-book sales. E-books now make up about 14 percent of overall industry sales. Amazon said on Thursday that it was selling more e-books than paper books. Credit Suisse analyst Gary Balter raised his target price for Barnes & Noble shares to $21. A deal with Liberty would better equip the bookseller to battle with technology giants Amazon and Apple Inc, Balter wrote in a note. "With strong backing of a media company like Liberty, we believe Barnes' digital business will be able to compete more effectively," Balter said. In turn, he added, Liberty would win Barnes & Noble's valuable e-book business. Standard & Poor's analyst Michael Souers kept his "hold" recommendation and $19 price target. "We think there is a solid chance of an improved offer," he said. Shares of Liberty were down 0.5 percent at $17.88. (Reporting by Phil Wahba, Yinka Adegoke and Jessica Hall in Philadelphia; Editing by Lisa Von Ahn and Richard Chang) Technology Hot Stocks Asian Markets Media Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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