Barnes & Noble is approaching Deal to be purchased by Elliott Management

Barnes & Noble Inc. is approaching an agreement to be purchased by the hedge fund Elliott Management Corp., according to people familiar with the case, as the nation's largest bookstore chain is seeking a new owner after years of decline.

Elliott is the main bidder in an auction that could soon come to mind, the people said. Conditions for a potential sale could not be learned, but Barnes & Noble had a market value of about $ 311 million on Thursday afternoon.

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