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Non-Tech : Barnes & Noble (BKS)

BKS 6.490

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Aug 19 5:00 PM EST

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To: agent who wrote ()	6/2/1999 10:45:00 AM
From: Tae Spam Kim	Read Replies (1) of 1691

Barnes & Noble decided to back out of its deal to acquire Ingram Book Group because the FTC planned to block the acquisition because of anti-competitive concerns. FTC believed by acquiring the main distributor to Amazon.com and thousands of others independent booksellers, Barnes & Noble would have an unfair competitive advantage. Ingram has databases on how much and when all its customers order books, which would be very valuable to any book selling company. Barnes & Noble said Wednesday it is canceling its plans to buy Ingram Book Group, a day after Federal Trade Commission officials confirmed they planned to oppose the $600 million deal. Barnes & Noble, the nation's leading bookseller, and Ingram, a privately held book wholesaler, both issued statements saying they agreed to terminate their merger plans and withdraw their application before the FTC. Barnes & Noble said that while it believes the deal, originally announced six months ago, ultimately would be approved in court, "protracted litigation would not be in the best interests of Barnes & Noble or Ingram." - CnnFn.com

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