Borders Group may be sold
Shares of Borders Group Inc. (NYSE:BGP) have lost more than 30% on news the book store chain may sell itself. The Ann Arbor, Mich.-based company announced before the start of trading that it is considering strategic alternatives, which include a sale. Borders Group also said that it has received a financial commitment from hedge fund Pershing Square Capital Management L.P., which has promised to lend $42.5 million.
At 2:29 p.m. ET, the shares had dropped $2.80, or 39%, to $4.30. For detailed price information and recent news stories about Borders Group, click BGP.
